FRGE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.00)
DCF	$-10.03	-122.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$8.05M

Near-term growth (yrs 1–5)(%)Rev: 10.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 16.42%

Computed WACC: 16.42%

Cost of equity (Re)16.54%(Rf 4.30% + β 2.23 × 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)99.28%

Debt weight (D/V)0.72%

Results

Intrinsic Value / share$-2.06

Current Price$45.00

Upside / Downside-104.6%

Net Debt (used)-$57.23M

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

WACC \ Near-term	2.6%	6.6%	10.6%	14.6%	18.6%
7.0%	$-10.60	$-13.47	$-16.79	$-20.60	$-24.97
8.0%	$-7.85	$-10.14	$-12.79	$-15.83	$-19.32
9.0%	$-5.95	$-7.84	$-10.03	$-12.54	$-15.42
10.0%	$-4.55	$-6.16	$-8.02	$-10.14	$-12.57
11.0%	$-3.49	$-4.88	$-6.48	$-8.31	$-10.40

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-4.90

Book Value / share($)Yahoo: $14.80

Results

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

Graham Number—

Current Price$45.00

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 16.42%

Terminal growth rate(%)

Computed WACC: 16.42%

Cost of equity (Re)16.54%(Rf 4.30% + β 2.23 × 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)99.28%

Debt weight (D/V)0.72%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$45.00

Implied Near-term FCF Growth—

Historical Revenue Growth10.6%

Historical Earnings Growth—

Base FCF (TTM)-$8.05M

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$45.00

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$62.96M

Target EV/EBITDA multipleCurrent: -9.0×

Net Debt($B)Default: -$57.23M

Results

Implied Equity Value / share$44.99

Current Price$45.00

Upside / Downside-0.0%

Implied EV$565.60M

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