| Intrinsic Valuation of: FWONA | |||||||||||
| Free Cash Flow Average and Growth over past 5Y | Key Statistics | ||||||||||
| Year | FCF | FCF (FCF/Revenue) | |||||||||
| 2020 | - | - | EPS (FY) | 0 | Market Cap | $25B | |||||
| 2021 | - | - (-) | P/E Ratio | 1,530 | Total Asset | $12B | |||||
| 2022 | $464M | - (-) | Net Income | $-30M | Total Debt | $3B | |||||
| 2023 | $243M | -47.6% (-56.5%) | EBITDA | $577M | Total Liab | $4B | |||||
| 2024 | $193M | -20.6% (-36.6%) | Opr Margin | 0.11 | Debt/Equity | 0.40 | |||||
| 2025 | $492M | 154.9% (124.8%) | PreTax Margin | 5.04 | BV/Share | 24 | |||||
| 5Y Average FCF | $348M | 28.9% (10.6%) | |||||||||
| Overall Market Assumptions: | |||||||||||
| Assumptions: | P/E for No-Growth Company: | 7.0 | |||||||||
| Perpetual Growth Rate (g): | 2.5% | Historical US Bond Yield: | 4.4% | ||||||||
| Discount Rate (WACC): | 7.4% | Current US Bond Yield: | 3.5% | ||||||||
| Forcasting Future Free Cash Flow for next 6Y | Modified Benjamin Graham's Intrinsic Value | ||||||||||
| Year | FCF Projection (25.0%) | ||||||||||
| 2026 | $615M | MBG Intrinsic Value | $1 | ||||||||
| 2027 | $769M | ||||||||||
| 2028 | $961M | ||||||||||
| 2029 | $1B | ||||||||||
| 2030 | $2B | ||||||||||
| 2031 | $2B | ||||||||||
| Terminal Value | $39B | Net Worth/Share | $308 | ||||||||
| DCF Valuation | DCF Valuation "What If" Scenario Table | ||||||||||
| Enterprise Value | $31B | Growth Rate | |||||||||
| (+) Cash & Cash Equivalents | $3B | $1,260 | 1.5% | 2.0% | 2.5% | 3.0% | 3.5% | ||||
| (-) Total Debt | $3B | WACC | 7.3% | 1,094 | 1,182 | 1,289 | 1,420 | 1,586 | |||
| Equity Value | $30B | 7.4% | 1,083 | 1,170 | 1,274 | 1,403 | 1,564 | ||||
| Shares Outstanding | 23,990,900 | 7.4% | 1,073 | 1,158 | 1,260 | 1,385 | 1,542 | ||||
| 7.9% | 980 | 1,050 | 1,132 | 1,232 | 1,355 | ||||||
| DCF Intrinsic Value | $1,260 | 8.4% | 900 | 958 | 1,027 | 1,108 | 1,205 | ||||
| Analyzed by QuantJuice (2025) | |||||||||||