FIZZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($37.43)
DCF	$22.73	-39.3%
Graham Number	$16.31	-56.4%
Reverse DCF	—	implied g: 14.3%
DDM	—	—
EV/EBITDA	$36.85	-1.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $109.64M

Near-term growth (yrs 1–5)(%)Rev: -1.0% / EPS: 0.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.10%

Computed WACC: 8.10%

Cost of equity (Re)8.25%(Rf 4.30% + β 0.72 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)98.15%

Debt weight (D/V)1.85%

Results

Intrinsic Value / share$26.07

Current Price$37.43

Upside / Downside-30.3%

Net Debt (used)-$203.12M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$22.90	$27.10	$31.98	$37.62	$44.12
8.0%	$19.21	$22.59	$26.51	$31.04	$36.25
9.0%	$16.66	$19.47	$22.73	$26.49	$30.81
10.0%	$14.78	$17.18	$19.96	$23.16	$26.83
11.0%	$13.34	$15.43	$17.84	$20.61	$23.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.99

Book Value / share($)Yahoo: $5.94

Results

Graham Number$16.31

Current Price$37.43

Margin of Safety-56.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.10%

Terminal growth rate(%)

Computed WACC: 8.10%

Cost of equity (Re)8.25%(Rf 4.30% + β 0.72 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)98.15%

Debt weight (D/V)1.85%

Results

Current Price$37.43

Implied Near-term FCF Growth11.5%

Historical Revenue Growth-1.0%

Historical Earnings Growth0.5%

Base FCF (TTM)$109.64M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$37.43

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $258.16M

Target EV/EBITDA multipleCurrent: 12.6×

Net Debt($B)Default: -$203.12M

Results

Implied Equity Value / share$36.85

Current Price$37.43

Upside / Downside-1.6%

Implied EV$3.25B

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

Mult \ Net Debt	-$2.20B	-$1.20B	-$203.12M	$796.88M	$1.80B
8.6x	$47.18	$36.50	$25.82	$15.14	$4.46
10.6x	$52.69	$42.01	$31.33	$20.65	$9.97
12.6x	$58.21	$47.53	$36.85	$26.17	$15.49
14.6x	$63.72	$53.04	$42.36	$31.68	$21.00
16.6x	$69.23	$58.55	$47.87	$37.19	$26.51

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