FTAI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($283.36)
DCF	$-664.87	-334.6%
Graham Number	$17.92	-93.7%
Reverse DCF	—	—
DDM	$27.81	-90.2%
EV/EBITDA	$298.14	+5.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$772.45M

Near-term growth (yrs 1–5)(%)Rev: 32.7% / EPS: 29.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.54%

Computed WACC: 11.54%

Cost of equity (Re)12.93%(Rf 4.30% + β 1.57 × 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)89.26%

Debt weight (D/V)10.74%

Results

Intrinsic Value / share$-450.56

Current Price$283.36

Upside / Downside-259.0%

Net Debt (used)$3.20B

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

WACC \ Near-term	24.7%	28.7%	32.7%	36.7%	40.7%
7.0%	$-758.95	$-879.75	$-1016.29	$-1170.06	$-1342.67
8.0%	$-606.46	$-701.25	$-808.35	$-928.91	$-1064.20
9.0%	$-502.02	$-579.03	$-665.99	$-763.84	$-873.60
10.0%	$-426.35	$-490.48	$-562.87	$-644.29	$-735.58
11.0%	$-369.21	$-423.64	$-485.05	$-554.09	$-631.46

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.38

Book Value / share($)Yahoo: $3.26

Results

Graham Number$17.92

Current Price$283.36

Margin of Safety-93.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.54%

Terminal growth rate(%)

Computed WACC: 11.54%

Cost of equity (Re)12.93%(Rf 4.30% + β 1.57 × 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)89.26%

Debt weight (D/V)10.74%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$283.36

Implied Near-term FCF Growth—

Historical Revenue Growth32.7%

Historical Earnings Growth29.8%

Base FCF (TTM)-$772.45M

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: $1.35

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.81

Current Price$283.36

Upside / Downside-90.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.00B

Target EV/EBITDA multipleCurrent: 33.7×

Net Debt($B)Default: $3.20B

Results

Implied Equity Value / share$298.14

Current Price$283.36

Upside / Downside+5.2%

Implied EV$33.78B

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

Mult \ Net Debt	$1.20B	$2.20B	$3.20B	$4.20B	$5.20B
29.7x	$278.55	$268.80	$259.05	$249.30	$239.55
31.7x	$298.09	$288.34	$278.59	$268.85	$259.10
33.7x	$317.64	$307.89	$298.14	$288.39	$278.64
35.7x	$337.18	$327.43	$317.68	$307.93	$298.19
37.7x	$356.73	$346.98	$337.23	$327.48	$317.73

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