FRD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.57)
DCF	$-236542.67	-1273889.3%
Graham Number	$31.60	+70.2%
Reverse DCF	—	—
DDM	$3.30	-82.3%
EV/EBITDA	$39.15	+110.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$51.40M

Near-term growth (yrs 1–5)(%)Rev: 180.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.99%

Computed WACC: 12.99%

Cost of equity (Re)12.99%(Rf 4.30% + β 1.58 × 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)100.00%

Debt weight (D/V)0.00%

Results

Intrinsic Value / share$-111270.22

Current Price$18.57

Upside / Downside-599293.4%

Net Debt (used)$0

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

WACC \ Near-term	172.2%	176.2%	180.2%	184.2%	188.2%
7.0%	$-341151.03	$-366953.17	$-394293.56	$-423240.01	$-453862.24
8.0%	$-259722.08	$-279363.07	$-300174.91	$-322209.17	$-345518.95
9.0%	$-204669.00	$-220144.61	$-236542.67	$-253903.81	$-272269.85
10.0%	$-165338.41	$-177838.30	$-191083.19	$-205105.89	$-219940.17
11.0%	$-136099.29	$-146387.04	$-157287.87	$-168828.78	$-181037.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.22

Book Value / share($)Yahoo: $20.00

Results

Graham Number$31.60

Current Price$18.57

Margin of Safety+70.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.99%

Terminal growth rate(%)

Computed WACC: 12.99%

Cost of equity (Re)12.99%(Rf 4.30% + β 1.58 × 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)100.00%

Debt weight (D/V)0.00%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.57

Implied Near-term FCF Growth—

Historical Revenue Growth180.2%

Historical Earnings Growth—

Base FCF (TTM)-$51.40M

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: $0.16

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.30

Current Price$18.57

Upside / Downside-82.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $23.21M

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $0

Results

Implied Equity Value / share$39.15

Current Price$18.57

Upside / Downside+110.8%

Implied EV$278.48M

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

Mult \ Net Debt	-$2.00B	-$1.00B	$0	$1.00B	$2.00B
8.0x	$307.31	$166.71	$26.10	$-114.50	$-255.10
10.0x	$313.84	$173.23	$32.63	$-107.97	$-248.58
12.0x	$320.36	$179.76	$39.15	$-101.45	$-242.05
14.0x	$326.89	$186.28	$45.68	$-94.92	$-235.53
16.0x	$333.41	$192.81	$52.21	$-88.40	$-229.00

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