FTCO — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($5.85)
DCF	$-5.14	-187.8%
Graham Number	—	—
Reverse DCF	—	—
DDM	$3.71	-36.6%
EV/EBITDA	$5.85	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$6.81M

Near-term growth (yrs 1–5)(%)Rev: -54.5% / EPS: -75.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.87%

Computed WACC: 6.87%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)89.15%

Debt weight (D/V)10.85%

Results

Intrinsic Value / share$-7.56

Current Price$5.85

Upside / Downside-229.2%

Net Debt (used)$5.63M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-5.18	$-6.18	$-7.34	$-8.69	$-10.24
8.0%	$-4.30	$-5.10	$-6.04	$-7.12	$-8.37
9.0%	$-3.69	$-4.36	$-5.14	$-6.04	$-7.07
10.0%	$-3.24	$-3.81	$-4.48	$-5.24	$-6.12
11.0%	$-2.90	$-3.39	$-3.97	$-4.63	$-5.39

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.01

Book Value / share($)Yahoo: $4.38

Results

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

Graham Number—

Current Price$5.85

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.87%

Terminal growth rate(%)

Computed WACC: 6.87%

Cost of equity (Re)7.71%(Rf 4.30% + β 0.62 × 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)89.15%

Debt weight (D/V)10.85%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$5.85

Implied Near-term FCF Growth—

Historical Revenue Growth-54.5%

Historical Earnings Growth-75.6%

Base FCF (TTM)-$6.81M

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: $0.18

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$3.71

Current Price$5.85

Upside / Downside-36.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.36M

Target EV/EBITDA multipleCurrent: 34.0×

Net Debt($B)Default: $5.63M

Results

Implied Equity Value / share$5.85

Current Price$5.85

Upside / Downside+0.0%

Implied EV$148.22M

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

Mult \ Net Debt	-$1.99B	-$994.37M	$5.63M	$1.01B	$2.01B
30.0x	$87.19	$46.16	$5.13	$-35.89	$-76.92
32.0x	$87.54	$46.52	$5.49	$-35.53	$-76.56
34.0x	$87.90	$46.88	$5.85	$-35.18	$-76.20
36.0x	$88.26	$47.23	$6.21	$-34.82	$-75.84
38.0x	$88.62	$47.59	$6.57	$-34.46	$-75.49

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