FMC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.74)
DCF	$6.87	-53.4%
Graham Number	—	—
Reverse DCF	—	implied g: 8.4%
DDM	$37.49	+154.4%
EV/EBITDA	$14.96	+1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $254.78M

Near-term growth (yrs 1–5)(%)Rev: -11.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.39%

Computed WACC: 2.39%

Cost of equity (Re)7.85%(Rf 4.30% + β 0.65 × 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)30.48%

Debt weight (D/V)69.52%

Results

Intrinsic Value / share—

Current Price$14.74

Upside / Downside—

Net Debt (used)$3.61B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.18	$14.48	$22.98	$32.81	$44.14
8.0%	$0.75	$6.63	$13.46	$21.35	$30.43
9.0%	$-3.70	$1.20	$6.87	$13.43	$20.96
10.0%	$-6.97	$-2.79	$2.04	$7.62	$14.02
11.0%	$-9.47	$-5.84	$-1.65	$3.18	$8.72

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-17.59

Book Value / share($)Yahoo: $16.58

Results

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

Graham Number—

Current Price$14.74

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.39%

Terminal growth rate(%)

Computed WACC: 2.39%

Cost of equity (Re)7.85%(Rf 4.30% + β 0.65 × 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)30.48%

Debt weight (D/V)69.52%

Results

Current Price$14.74

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-11.5%

Historical Earnings Growth—

Base FCF (TTM)$254.78M

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: $1.82

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$37.49

Current Price$14.74

Upside / Downside+154.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $669.80M

Target EV/EBITDA multipleCurrent: 8.2×

Net Debt($B)Default: $3.61B

Results

Implied Equity Value / share$14.96

Current Price$14.74

Upside / Downside+1.5%

Implied EV$5.48B

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

Mult \ Net Debt	$1.61B	$2.61B	$3.61B	$4.61B	$5.61B
4.2x	$9.52	$1.52	$-6.49	$-14.49	$-22.50
6.2x	$20.25	$12.24	$4.24	$-3.77	$-11.77
8.2x	$30.97	$22.96	$14.96	$6.95	$-1.05
10.2x	$41.69	$33.69	$25.68	$17.68	$9.67
12.2x	$52.42	$44.41	$36.41	$28.40	$20.40

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