FWDI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($4.37)
DCF	$-925371.00	-21175637.7%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$4.50	+3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$27.56M

Near-term growth (yrs 1–5)(%)Rev: 363.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.77%

Computed WACC: 8.77%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)0.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.39%

Debt weight (D/V)1.61%

Results

Intrinsic Value / share$-977292.26

Current Price$4.37

Upside / Downside-22363767.3%

Net Debt (used)-$19.46M

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

WACC \ Near-term	355.5%	359.5%	363.5%	367.5%	371.5%
7.0%	$-1432203.41	$-1496200.84	$-1562465.86	$-1631058.21	$-1702038.66
8.0%	$-1083862.36	$-1132293.96	$-1182441.61	$-1234350.50	$-1288066.64
9.0%	$-848968.29	$-886903.52	$-926182.88	$-966841.77	$-1008916.21
10.0%	$-681638.21	$-712096.23	$-743633.42	$-776278.23	$-810059.57
11.0%	$-557626.18	$-582542.67	$-608341.98	$-635047.39	$-662682.53

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-29.99

Book Value / share($)Yahoo: $10.37

Results

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

Graham Number—

Current Price$4.37

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.77%

Terminal growth rate(%)

Computed WACC: 8.77%

Cost of equity (Re)8.90%(Rf 4.30% + β 0.84 × ERP 5.50%)

Cost of debt (Rd)0.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)98.39%

Debt weight (D/V)1.61%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$4.37

Implied Near-term FCF Growth—

Historical Revenue Growth363.5%

Historical Earnings Growth—

Base FCF (TTM)-$27.56M

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: —

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$4.37

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.20M

Target EV/EBITDA multipleCurrent: 84.5×

Net Debt($B)Default: -$19.46M

Results

Implied Equity Value / share$4.50

Current Price$4.37

Upside / Downside+3.0%

Implied EV$354.67M

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

Mult \ Net Debt	-$2.02B	-$1.02B	-$19.46M	$980.54M	$1.98B
80.5x	$28.35	$16.33	$4.30	$-7.73	$-19.76
82.5x	$28.46	$16.43	$4.40	$-7.63	$-19.66
84.5x	$28.56	$16.53	$4.50	$-7.53	$-19.56
86.5x	$28.66	$16.63	$4.60	$-7.43	$-19.46
88.5x	$28.76	$16.73	$4.70	$-7.33	$-19.35

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