FMS

FMS — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($23.37)
DCF$22177134.77+94895641.4%
Graham Number$49.70+112.7%
Reverse DCFimplied g: 1.4%
DDM$16.89-27.7%
EV/EBITDA$13.43-42.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: $1.56B
Rev: -0.3% / EPS: 420.0%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$22177134.77
Current Price$23.37
Upside / Downside+94895641.4%
Net Debt (used)$9.07B
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term412.0%416.0%420.0%424.0%428.0%
7.0%$34676747.15$36052620.60$37471824.17$38935373.35$40444299.34
8.0%$26222037.71$27262448.86$28335625.37$29442335.12$30583357.90
9.0%$20522922.29$21337206.57$22177134.77$23043307.88$23936336.20
10.0%$16464700.79$17117964.97$17791802.05$18486694.18$19203130.97
11.0%$13458354.51$13992334.49$14543130.76$15111137.40$15696754.64

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $1.97
Yahoo: $55.74

Results

Graham Number$49.70
Current Price$23.37
Margin of Safety+112.7%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Current Price$23.37
Implied Near-term FCF Growth1.4%
Historical Revenue Growth-0.3%
Historical Earnings Growth420.0%
Base FCF (TTM)$1.56B
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

Yahoo: $0.82

Results

DDM Intrinsic Value / share$16.89
Current Price$23.37
Upside / Downside-27.7%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $2.62B
Current: 6.3×
Default: $9.07B

Results

Implied Equity Value / share$13.43
Current Price$23.37
Upside / Downside-42.5%
Implied EV$16.57B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt$5.07B$7.07B$9.07B$11.07B$13.07B
2.3x$1.81$-1.77$-5.35$-8.93$-12.51
4.3x$11.20$7.62$4.04$0.46$-3.12
6.3x$20.59$17.01$13.43$9.85$6.27
8.3x$29.98$26.40$22.82$19.24$15.66
10.3x$39.37$35.79$32.21$28.63$25.05