FWRD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($24.65)
DCF	$-46.64	-289.2%
Graham Number	—	—
Reverse DCF	—	implied g: 32.5%
DDM	—	—
EV/EBITDA	$26.10	+5.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $33.97M

Near-term growth (yrs 1–5)(%)Rev: -0.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.06%

Computed WACC: 3.06%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × 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)26.29%

Debt weight (D/V)73.71%

Results

Intrinsic Value / share$158.45

Current Price$24.65

Upside / Downside+542.8%

Net Debt (used)$2.05B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-46.47	$-42.58	$-38.05	$-32.81	$-26.77
8.0%	$-49.90	$-46.76	$-43.12	$-38.92	$-34.08
9.0%	$-52.27	$-49.66	$-46.64	$-43.14	$-39.13
10.0%	$-54.01	$-51.79	$-49.21	$-46.24	$-42.83
11.0%	$-55.35	$-53.41	$-51.18	$-48.60	$-45.65

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-3.51

Book Value / share($)Yahoo: $3.64

Results

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

Graham Number—

Current Price$24.65

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.06%

Terminal growth rate(%)

Computed WACC: 3.06%

Cost of equity (Re)11.65%(Rf 4.30% + β 1.34 × 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)26.29%

Debt weight (D/V)73.71%

Results

Current Price$24.65

Implied Near-term FCF Growth-7.3%

Historical Revenue Growth-0.3%

Historical Earnings Growth—

Base FCF (TTM)$33.97M

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$24.65

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $189.06M

Target EV/EBITDA multipleCurrent: 15.2×

Net Debt($B)Default: $2.05B

Results

Implied Equity Value / share$26.10

Current Price$24.65

Upside / Downside+5.9%

Implied EV$2.87B

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

Mult \ Net Debt	$53.67M	$1.05B	$2.05B	$3.05B	$4.05B
11.2x	$65.90	$33.90	$1.90	$-30.10	$-62.11
13.2x	$78.00	$46.00	$14.00	$-18.00	$-50.01
15.2x	$90.10	$58.10	$26.10	$-5.90	$-37.91
17.2x	$102.20	$70.20	$38.20	$6.20	$-25.80
19.2x	$114.30	$82.30	$50.30	$18.30	$-13.70

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