FIP — Valuation Models

Interactive models with editable assumptions. All calculations run client-side.

Valuation Summary

Model	Intrinsic Value	vs Price ($6.35)
DCF	$-2255.43	-35618.6%
Graham Number	—	—
Reverse DCF	—	—
DDM	$2.47	-61.1%
EV/EBITDA	$14.28	+124.9%

Values reflect default assumptions. Adjust inputs in each model below to update.

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$339.04M

Near-term growth (yrs 1–5)(%)Rev: 77.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.98%

Computed WACC: 7.98%

Cost of equity (Re)15.23%(Rf 4.30% + β 1.99 × ERP 5.50%)

Cost of debt (Rd)8.34%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)16.08%

Debt weight (D/V)83.92%

Results

Intrinsic Value / share$-2831.75

Current Price$6.35

Upside / Downside-44694.5%

Net Debt (used)$3.80B

Sensitivity: WACC (rows) × Near-term g (cols)

WACC \ Near-term	69.7%	73.7%	77.7%	81.7%	85.7%
7.0%	$-2902.40	$-3254.85	$-3641.18	$-4063.78	$-4525.15
8.0%	$-2248.77	$-2520.52	$-2818.36	$-3144.15	$-3499.79
9.0%	$-1804.47	$-2021.38	$-2259.09	$-2519.08	$-2802.87
10.0%	$-1485.16	$-1662.66	$-1857.17	$-2069.89	$-2302.07
11.0%	$-1246.25	$-1394.27	$-1556.47	$-1733.83	$-1927.40

2 — Graham Number

Assumptions

MultiplierGraham used 22.5 (15× P/E × 1.5× P/B)

EPS (trailing)($)Yahoo: $-2.39

Book Value / share($)Yahoo: $0.18

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$6.35

Margin of Safety—

Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.98%

Terminal growth rate(%)

Computed WACC: 7.98%

Cost of equity (Re)15.23%(Rf 4.30% + β 1.99 × ERP 5.50%)

Cost of debt (Rd)8.34%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)16.08%

Debt weight (D/V)83.92%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$6.35

Implied Near-term FCF Growth—

Historical Revenue Growth77.7%

Historical Earnings Growth—

Base FCF (TTM)-$339.04M

Implied growth is the FCF growth rate (yrs 1–5) that makes the DCF intrinsic value equal the current price. Long-term growth is set to half the implied near-term rate.

4 — Dividend Discount Model (DDM)

Assumptions

Annual dividend D0($/share)Yahoo: $0.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$2.47

Current Price$6.35

Upside / Downside-61.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $172.00M

Target EV/EBITDA multipleCurrent: 31.7×

Net Debt($B)Default: $3.80B

Results

Implied Equity Value / share$14.28

Current Price$6.35

Upside / Downside+124.9%

Implied EV$5.46B

Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)

Mult \ Net Debt	$1.80B	$2.80B	$3.80B	$4.80B	$5.80B
27.7x	$25.56	$16.97	$8.37	$-0.23	$-8.83
29.7x	$28.52	$19.92	$11.33	$2.73	$-5.87
31.7x	$31.48	$22.88	$14.28	$5.68	$-2.91
33.7x	$34.44	$25.84	$17.24	$8.64	$0.04
35.7x	$37.40	$28.80	$20.20	$11.60	$3.00

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