FRPT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($84.36)
DCF	$-59.04	-170.0%
Graham Number	$38.29	-54.6%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$84.36	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$3.29M

Near-term growth (yrs 1–5)(%)Rev: 8.6% / EPS: 79.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.11%

Computed WACC: 12.11%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)0.56%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)89.32%

Debt weight (D/V)10.68%

Results

Intrinsic Value / share$-35.53

Current Price$84.36

Upside / Downside-142.1%

Net Debt (used)$217.01M

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

WACC \ Near-term	71.2%	75.2%	79.2%	83.2%	87.2%
7.0%	$-75.01	$-83.61	$-93.02	$-103.31	$-114.53
8.0%	$-58.91	$-65.54	$-72.79	$-80.72	$-89.37
9.0%	$-47.97	$-53.26	$-59.04	$-65.37	$-72.27
10.0%	$-40.11	$-44.43	$-49.17	$-54.34	$-59.98
11.0%	$-34.23	$-37.83	$-41.78	$-46.09	$-50.79

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.64

Book Value / share($)Yahoo: $24.68

Results

Graham Number$38.29

Current Price$84.36

Margin of Safety-54.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.11%

Terminal growth rate(%)

Computed WACC: 12.11%

Cost of equity (Re)13.50%(Rf 4.30% + β 1.67 × ERP 5.50%)

Cost of debt (Rd)0.56%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)89.32%

Debt weight (D/V)10.68%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$84.36

Implied Near-term FCF Growth—

Historical Revenue Growth8.6%

Historical Earnings Growth79.2%

Base FCF (TTM)-$3.29M

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$84.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $183.66M

Target EV/EBITDA multipleCurrent: 23.7×

Net Debt($B)Default: $217.01M

Results

Implied Equity Value / share$84.36

Current Price$84.36

Upside / Downside+0.0%

Implied EV$4.36B

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

Mult \ Net Debt	-$1.78B	-$782.99M	$217.01M	$1.22B	$2.22B
19.7x	$110.15	$89.77	$69.38	$49.00	$28.62
21.7x	$117.64	$97.26	$76.87	$56.49	$36.10
23.7x	$125.13	$104.74	$84.36	$63.98	$43.59
25.7x	$132.62	$112.23	$91.85	$71.46	$51.08
27.7x	$140.10	$119.72	$99.34	$78.95	$58.57

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