FSP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($0.75)
DCF	$7.62	+915.3%
Graham Number	—	—
Reverse DCF	—	implied g: -16.0%
DDM	$0.82	+9.8%
EV/EBITDA	$0.82	+9.7%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $57.33M

Near-term growth (yrs 1–5)(%)Rev: -8.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.24%

Computed WACC: 2.24%

Cost of equity (Re)9.36%(Rf 4.30% + β 0.92 × 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)23.88%

Debt weight (D/V)76.12%

Results

Intrinsic Value / share—

Current Price$0.75

Upside / Downside—

Net Debt (used)$216.56M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$7.70	$9.68	$11.98	$14.65	$17.72
8.0%	$5.96	$7.55	$9.40	$11.54	$14.00
9.0%	$4.75	$6.08	$7.62	$9.39	$11.44
10.0%	$3.87	$5.00	$6.31	$7.82	$9.55
11.0%	$3.19	$4.17	$5.31	$6.62	$8.12

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.44

Book Value / share($)Yahoo: $5.93

Results

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

Graham Number—

Current Price$0.75

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.24%

Terminal growth rate(%)

Computed WACC: 2.24%

Cost of equity (Re)9.36%(Rf 4.30% + β 0.92 × 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)23.88%

Debt weight (D/V)76.12%

Results

Current Price$0.75

Implied Near-term FCF Growth65.0%

Historical Revenue Growth-8.0%

Historical Earnings Growth—

Base FCF (TTM)$57.33M

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: $0.04

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.82

Current Price$0.75

Upside / Downside+9.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $31.88M

Target EV/EBITDA multipleCurrent: 9.5×

Net Debt($B)Default: $216.56M

Results

Implied Equity Value / share$0.82

Current Price$0.75

Upside / Downside+9.7%

Implied EV$301.88M

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

Mult \ Net Debt	-$1.78B	-$783.45M	$216.56M	$1.22B	$2.22B
5.5x	$18.88	$9.24	$-0.41	$-10.05	$-19.70
7.5x	$19.50	$9.85	$0.21	$-9.44	$-19.08
9.5x	$20.11	$10.47	$0.82	$-8.82	$-18.47
11.5x	$20.73	$11.08	$1.44	$-8.21	$-17.85
13.5x	$21.34	$11.70	$2.05	$-7.59	$-17.24

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