FONR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.56)
DCF	$9.10	-51.0%
Graham Number	$26.43	+42.4%
Reverse DCF	—	implied g: 19.9%
DDM	—	—
EV/EBITDA	$17.43	-6.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.44M

Near-term growth (yrs 1–5)(%)Rev: 2.4% / EPS: 1.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.38%

Computed WACC: 7.38%

Cost of equity (Re)9.89%(Rf 4.30% + β 1.02 × 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)74.61%

Debt weight (D/V)25.39%

Results

Intrinsic Value / share$11.43

Current Price$18.56

Upside / Downside-38.4%

Net Debt (used)-$13.30M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$9.16	$10.58	$12.22	$14.13	$16.33
8.0%	$7.91	$9.05	$10.38	$11.91	$13.67
9.0%	$7.05	$8.00	$9.10	$10.37	$11.83
10.0%	$6.41	$7.22	$8.16	$9.24	$10.48
11.0%	$5.93	$6.63	$7.45	$8.38	$9.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.15

Book Value / share($)Yahoo: $27.01

Results

Graham Number$26.43

Current Price$18.56

Margin of Safety+42.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.38%

Terminal growth rate(%)

Computed WACC: 7.38%

Cost of equity (Re)9.89%(Rf 4.30% + β 1.02 × 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)74.61%

Debt weight (D/V)25.39%

Results

Current Price$18.56

Implied Near-term FCF Growth14.4%

Historical Revenue Growth2.4%

Historical Earnings Growth1.1%

Base FCF (TTM)$2.44M

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$18.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $15.05M

Target EV/EBITDA multipleCurrent: 6.3×

Net Debt($B)Default: -$13.30M

Results

Implied Equity Value / share$17.43

Current Price$18.56

Upside / Downside-6.1%

Implied EV$94.31M

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$13.30M	$986.70M	$1.99B
2.3x	$331.67	$169.68	$7.68	$-154.32	$-316.31
4.3x	$336.55	$174.55	$12.56	$-149.44	$-311.44
6.3x	$341.42	$179.43	$17.43	$-144.56	$-306.56
8.3x	$346.30	$184.30	$22.31	$-139.69	$-301.68
10.3x	$351.17	$189.18	$27.18	$-134.81	$-296.81

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