Intrinsic Valuation of: FTAI
	Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF (FCF/Revenue)
	2020		-	-		EPS (FY)	5		Market Cap	$24B
	2021		-	- (-)		P/E Ratio	47		Total Asset	$4B
	2022		$-834M	- (-)		Net Income	$501M		Total Debt	$3B
	2023		$-648M	22.3% (53.0%)		EBITDA	$1B		Total Liab	$4B
	2024		$-1B	-107.5% (-40.1%)		Opr Margin	30.70		Debt/Equity	10.32
	2025		$-997M	25.8% (48.7%)		PreTax Margin	20.82		BV/Share	2
	5Y Average FCF		$-956M	2.5% (20.5%)
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.0
	Perpetual Growth Rate (g):	2.48%				Historical US Bond Yield:			4.40%
	Discount Rate (WACC):	11.36%				Current US Bond Yield:			3.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection (2.5%)
	2026		$0			MBG Intrinsic Value			$45
	2027		$0
	2028		$0
	2029		$0
	2030		$0
	2031		$0
	Terminal Value		$0			Net Worth/Share			$3
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$0				Growth Rate
	(+) Cash & Cash Equivalents	$300M			$-31	1.5%	2.0%	2.5%	3.0%	3.5%
	(-) Total Debt	$3B		WACC	9.4%	-31	-31	-31	-31	-31
	Equity Value	$-3B			10.4%	-31	-31	-31	-31	-31
	Shares Outstanding	102,582,972			11.4%	-31	-31	-31	-31	-31
					12.4%	-31	-31	-31	-31	-31
	DCF Intrinsic Value	$-31			13.4%	-31	-31	-31	-31	-31
Analyzed by QuantJuice (2025)