FLUT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($106.08)
DCF	$296.20	+179.2%
Graham Number	—	—
Reverse DCF	—	implied g: 11.6%
DDM	—	—
EV/EBITDA	$109.86	+3.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.15B

Near-term growth (yrs 1–5)(%)Rev: 24.9% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.21%

Computed WACC: 8.21%

Cost of equity (Re)10.58%(Rf 4.30% + β 1.14 × ERP 5.50%)

Cost of debt (Rd)6.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.09%

Debt weight (D/V)40.91%

Results

Intrinsic Value / share$354.32

Current Price$106.08

Upside / Downside+234.0%

Net Debt (used)$11.02B

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

WACC \ Near-term	16.9%	20.9%	24.9%	28.9%	32.9%
7.0%	$335.70	$405.75	$485.50	$575.93	$678.10
8.0%	$254.71	$309.98	$372.86	$444.13	$524.61
9.0%	$199.11	$244.25	$295.58	$353.71	$419.33
10.0%	$158.72	$196.51	$239.46	$288.07	$342.91
11.0%	$128.13	$160.38	$196.99	$238.41	$285.11

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.27

Book Value / share($)Yahoo: $51.58

Results

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

Graham Number—

Current Price$106.08

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.21%

Terminal growth rate(%)

Computed WACC: 8.21%

Cost of equity (Re)10.58%(Rf 4.30% + β 1.14 × ERP 5.50%)

Cost of debt (Rd)6.06%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)59.09%

Debt weight (D/V)40.91%

Results

Current Price$106.08

Implied Near-term FCF Growth9.3%

Historical Revenue Growth24.9%

Historical Earnings Growth—

Base FCF (TTM)$1.15B

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$106.08

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.13B

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $11.02B

Results

Implied Equity Value / share$109.86

Current Price$106.08

Upside / Downside+3.6%

Implied EV$30.28B

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

Mult \ Net Debt	$5.02B	$8.02B	$11.02B	$14.02B	$17.02B
10.2x	$95.44	$78.32	$61.21	$44.09	$26.97
12.2x	$119.77	$102.65	$85.54	$68.42	$51.30
14.2x	$144.10	$126.98	$109.86	$92.75	$75.63
16.2x	$168.43	$151.31	$134.19	$117.08	$99.96
18.2x	$192.76	$175.64	$158.52	$141.40	$124.29

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