FUL — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.93)
DCF	$34.13	-47.4%
Graham Number	$47.83	-26.3%
Reverse DCF	—	implied g: 11.1%
DDM	$19.36	-70.2%
EV/EBITDA	$64.93	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $224.56M

Near-term growth (yrs 1–5)(%)Rev: -3.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.34%

Computed WACC: 8.34%

Cost of equity (Re)10.27%(Rf 4.30% + β 1.09 × ERP 5.50%)

Cost of debt (Rd)6.62%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)61.63%

Debt weight (D/V)38.37%

Results

Intrinsic Value / share$42.43

Current Price$64.93

Upside / Downside-34.6%

Net Debt (used)$2.09B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$34.76	$49.56	$66.79	$86.72	$109.68
8.0%	$21.73	$33.65	$47.49	$63.49	$81.89
9.0%	$12.70	$22.63	$34.13	$47.42	$62.68
10.0%	$6.08	$14.54	$24.34	$35.65	$48.62
11.0%	$1.00	$8.36	$16.86	$26.65	$37.88

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.75

Book Value / share($)Yahoo: $36.98

Results

Graham Number$47.83

Current Price$64.93

Margin of Safety-26.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.34%

Terminal growth rate(%)

Computed WACC: 8.34%

Cost of equity (Re)10.27%(Rf 4.30% + β 1.09 × ERP 5.50%)

Cost of debt (Rd)6.62%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)61.63%

Debt weight (D/V)38.37%

Results

Current Price$64.93

Implied Near-term FCF Growth9.1%

Historical Revenue Growth-3.1%

Historical Earnings Growth—

Base FCF (TTM)$224.56M

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: $0.94

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$19.36

Current Price$64.93

Upside / Downside-70.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $573.07M

Target EV/EBITDA multipleCurrent: 9.8×

Net Debt($B)Default: $2.09B

Results

Implied Equity Value / share$64.93

Current Price$64.93

Upside / Downside-0.0%

Implied EV$5.61B

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

Mult \ Net Debt	$88.53M	$1.09B	$2.09B	$3.09B	$4.09B
5.8x	$59.55	$41.14	$22.72	$4.31	$-14.10
7.8x	$80.65	$62.24	$43.83	$25.41	$7.00
9.8x	$101.75	$83.34	$64.93	$46.52	$28.10
11.8x	$122.86	$104.44	$86.03	$67.62	$49.21
13.8x	$143.96	$125.55	$107.14	$88.72	$70.31

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