FORTY

FORTY — Valuation Models

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

Valuation Summary

ModelIntrinsic Valuevs Price ($124.10)
DCF$-13.48-110.9%
Graham Number$73.68-40.6%
Reverse DCF
DDM$50.68-59.2%
EV/EBITDA$167.80+35.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Yahoo: —
Rev: -0.5% / EPS: -27.6%
Default: 9% (no SEC data)

Results

Intrinsic Value / share$-13.48
Current Price$124.10
Upside / Downside-110.9%
Net Debt (used)$206.62M
Sensitivity: WACC (rows) × Near-term g (cols)
WACC \ Near-term-3.0%1.0%5.0%9.0%13.0%
7.0%$-13.48$-13.48$-13.48$-13.48$-13.48
8.0%$-13.48$-13.48$-13.48$-13.48$-13.48
9.0%$-13.48$-13.48$-13.48$-13.48$-13.48
10.0%$-13.48$-13.48$-13.48$-13.48$-13.48
11.0%$-13.48$-13.48$-13.48$-13.48$-13.48

2 — Graham Number

Assumptions

Graham used 22.5 (15× P/E × 1.5× P/B)
Yahoo: $4.75
Yahoo: $50.80

Results

Graham Number$73.68
Current Price$124.10
Margin of Safety-40.6%
Formula: √(22.5 × max(0,EPS) × max(0,BVPS))

3 — Reverse DCF (Implied Growth)

Assumptions

Default: 9% (no SEC data)

Results

Reverse DCF requires positive TTM free cash flow.
Current Price$124.10
Implied Near-term FCF Growth
Historical Revenue Growth-0.5%
Historical Earnings Growth-27.6%
Base FCF (TTM)
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: $2.46

Results

DDM Intrinsic Value / share$50.68
Current Price$124.10
Upside / Downside-59.2%
Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

Yahoo: $328.53M
Current: 8.5×
Default: $206.62M

Results

Implied Equity Value / share$167.80
Current Price$124.10
Upside / Downside+35.2%
Implied EV$2.78B
Sensitivity: EV/EBITDA multiple (rows) × Net Debt (cols)
Mult \ Net Debt-$1.79B-$793.38M$206.62M$1.21B$2.21B
4.5x$212.53$147.31$82.09$16.87$-48.35
6.5x$255.38$190.16$124.94$59.72$-5.50
8.5x$298.24$233.02$167.80$102.58$37.36
10.5x$341.09$275.87$210.65$145.43$80.21
12.5x$383.95$318.73$253.50$188.28$123.06