FSBC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($39.18)
DCF	$19.70	-49.7%
Graham Number	$36.90	-5.8%
Reverse DCF	—	—
DDM	$20.60	-47.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 20.1% / EPS: 32.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.44%

Computed WACC: 6.44%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)90.70%

Debt weight (D/V)9.30%

Results

Intrinsic Value / share$19.70

Current Price$39.18

Upside / Downside-49.7%

Net Debt (used)-$421.04M

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

WACC \ Near-term	24.6%	28.6%	32.6%	36.6%	40.6%
7.0%	$19.70	$19.70	$19.70	$19.70	$19.70
8.0%	$19.70	$19.70	$19.70	$19.70	$19.70
9.0%	$19.70	$19.70	$19.70	$19.70	$19.70
10.0%	$19.70	$19.70	$19.70	$19.70	$19.70
11.0%	$19.70	$19.70	$19.70	$19.70	$19.70

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.90

Book Value / share($)Yahoo: $20.86

Results

Graham Number$36.90

Current Price$39.18

Margin of Safety-5.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.44%

Terminal growth rate(%)

Computed WACC: 6.44%

Cost of equity (Re)7.11%(Rf 4.30% + β 0.51 × 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)90.70%

Debt weight (D/V)9.30%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$39.18

Implied Near-term FCF Growth—

Historical Revenue Growth20.1%

Historical Earnings Growth32.6%

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

Annual dividend D0($/share)Yahoo: $1.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$20.60

Current Price$39.18

Upside / Downside-47.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$421.04M

Results

Implied Equity Value / share$19.70

Current Price$39.18

Upside / Downside-49.7%

Implied EV$0

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