FUSB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($14.85)
DCF	$11.83	-20.3%
Graham Number	$20.42	+37.5%
Reverse DCF	—	—
DDM	$5.77	-61.2%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 10.1% / EPS: 24.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.15%

Computed WACC: 5.15%

Cost of equity (Re)5.81%(Rf 4.30% + β 0.28 × 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)88.67%

Debt weight (D/V)11.33%

Results

Intrinsic Value / share$11.83

Current Price$14.85

Upside / Downside-20.3%

Net Debt (used)-$67.45M

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

WACC \ Near-term	16.4%	20.4%	24.4%	28.4%	32.4%
7.0%	$11.83	$11.83	$11.83	$11.83	$11.83
8.0%	$11.83	$11.83	$11.83	$11.83	$11.83
9.0%	$11.83	$11.83	$11.83	$11.83	$11.83
10.0%	$11.83	$11.83	$11.83	$11.83	$11.83
11.0%	$11.83	$11.83	$11.83	$11.83	$11.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.00

Book Value / share($)Yahoo: $18.54

Results

Graham Number$20.42

Current Price$14.85

Margin of Safety+37.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.15%

Terminal growth rate(%)

Computed WACC: 5.15%

Cost of equity (Re)5.81%(Rf 4.30% + β 0.28 × 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)88.67%

Debt weight (D/V)11.33%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$14.85

Implied Near-term FCF Growth—

Historical Revenue Growth10.1%

Historical Earnings Growth24.4%

Base FCF (TTM)—

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: $0.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.77

Current Price$14.85

Upside / Downside-61.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: -$67.45M

Results

Implied Equity Value / share$11.83

Current Price$14.85

Upside / Downside-20.3%

Implied EV$0

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