FTRE — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($10.56)
DCF	$27.05	+156.1%
Graham Number	—	—
Reverse DCF	—	implied g: -4.9%
DDM	—	—
EV/EBITDA	$10.69	+1.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $196.05M

Near-term growth (yrs 1–5)(%)Rev: -5.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.03%

Computed WACC: 6.03%

Cost of equity (Re)12.92%(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)46.62%

Debt weight (D/V)53.38%

Results

Intrinsic Value / share$58.78

Current Price$10.56

Upside / Downside+456.6%

Net Debt (used)$942.60M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$27.37	$34.97	$43.81	$54.03	$65.82
8.0%	$20.68	$26.80	$33.90	$42.11	$51.56
9.0%	$16.05	$21.14	$27.05	$33.87	$41.70
10.0%	$12.65	$16.99	$22.03	$27.82	$34.48
11.0%	$10.05	$13.82	$18.19	$23.21	$28.97

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-11.35

Book Value / share($)Yahoo: $6.05

Results

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

Graham Number—

Current Price$10.56

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.03%

Terminal growth rate(%)

Computed WACC: 6.03%

Cost of equity (Re)12.92%(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)46.62%

Debt weight (D/V)53.38%

Results

Current Price$10.56

Implied Near-term FCF Growth-13.2%

Historical Revenue Growth-5.2%

Historical Earnings Growth—

Base FCF (TTM)$196.05M

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$10.56

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $41.50M

Target EV/EBITDA multipleCurrent: 46.5×

Net Debt($B)Default: $942.60M

Results

Implied Equity Value / share$10.69

Current Price$10.56

Upside / Downside+1.2%

Implied EV$1.93B

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

Mult \ Net Debt	-$1.06B	-$57.40M	$942.60M	$1.94B	$2.94B
42.5x	$30.53	$19.71	$8.89	$-1.93	$-12.76
44.5x	$31.43	$20.61	$9.79	$-1.04	$-11.86
46.5x	$32.33	$21.51	$10.69	$-0.14	$-10.96
48.5x	$33.23	$22.41	$11.58	$0.76	$-10.06
50.5x	$34.13	$23.30	$12.48	$1.66	$-9.16

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