FWRG — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.46)
DCF	$-16656317467207.69	-133678310330819.8%
Graham Number	$4.29	-65.5%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$12.48	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$61.10M

Near-term growth (yrs 1–5)(%)Rev: 20.2% / EPS: 2290.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.70%

Computed WACC: 7.70%

Cost of equity (Re)9.38%(Rf 4.30% + β 0.92 × ERP 5.50%)

Cost of debt (Rd)8.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.96%

Debt weight (D/V)57.04%

Results

Intrinsic Value / share$-23163405065757.19

Current Price$12.46

Upside / Downside-185902127333624.8%

Net Debt (used)$988.32M

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

WACC \ Near-term	2282.3%	2286.3%	2290.3%	2294.3%	2298.3%
7.0%	$-27895462091139.08	$-28130439173683.56	$-28366997056553.85	$-28605143702454.28	$-28844887100783.87
8.0%	$-21008998336843.68	$-21185967376379.88	$-21364126969106.11	$-21543483111999.26	$-21724041822140.92
9.0%	$-16376160869642.05	$-16514105259575.10	$-16652977665695.70	$-16792782762546.51	$-16933525240341.38
10.0%	$-13084313433485.58	$-13194528986904.31	$-13305486011706.41	$-13417188242783.17	$-13529639427546.99
11.0%	$-10651319347542.92	$-10741040605114.97	$-10831365459392.38	$-10922296950773.13	$-11013838129848.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.08

Book Value / share($)Yahoo: $10.24

Results

Graham Number$4.29

Current Price$12.46

Margin of Safety-65.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.70%

Terminal growth rate(%)

Computed WACC: 7.70%

Cost of equity (Re)9.38%(Rf 4.30% + β 0.92 × ERP 5.50%)

Cost of debt (Rd)8.15%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.96%

Debt weight (D/V)57.04%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.46

Implied Near-term FCF Growth—

Historical Revenue Growth20.2%

Historical Earnings Growth2290.3%

Base FCF (TTM)-$61.10M

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$12.46

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $108.78M

Target EV/EBITDA multipleCurrent: 16.1×

Net Debt($B)Default: $988.32M

Results

Implied Equity Value / share$12.48

Current Price$12.46

Upside / Downside+0.2%

Implied EV$1.75B

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

Mult \ Net Debt	-$1.01B	-$11.68M	$988.32M	$1.99B	$2.99B
12.1x	$38.12	$21.74	$5.35	$-11.03	$-27.42
14.1x	$41.69	$25.30	$8.92	$-7.47	$-23.85
16.1x	$45.25	$28.87	$12.48	$-3.90	$-20.29
18.1x	$48.82	$32.43	$16.05	$-0.34	$-16.72
20.1x	$52.38	$36.00	$19.61	$3.23	$-13.16

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