What’s a stock actually worth?
Three classic estimates — a two-stage DCF, a reverse DCF, and the Graham number — computed from a company’s own SEC filings, with every assumption editable and every input shown. The opposite of a proprietary “fair value” you can’t check.
The annual reports behind these rates
| Free cash flow per share | That year | Year before, same report | Change | Report |
|---|---|---|---|---|
| fiscal 2016 | 3.62 USD | 3.30 USD | +9.7% | 20-F filed 2017-02-22 |
| fiscal 2015 | 3.30 USD | 3.07 USD | +7.6% | 20-F filed 2016-02-24 |
| fiscal 2014 | 3.07 USD | 4.25 USD | -27.8% | 20-F filed 2015-02-25 |
| fiscal 2013 | 4.25 USD | 4.50 USD | -5.5% | 20-F filed 2014-02-25 |
| fiscal 2012 | 4.50 USD | 2.82 USD | +59.6% | 20-F filed 2013-02-26 |
| fiscal 2011 | 2.82 USD | 2.83 USD | -0.4% | 20-F filed 2012-02-23 |
Concepts read: (us-gaap:NetCashProvidedByUsedInOperatingActivities - us-gaap:PaymentsToAcquirePropertyPlantAndEquipment) / us-gaap:WeightedAverageNumberOfDilutedSharesOutstanding
| Diluted EPS | That year | Year before, same report | Change | Report |
|---|---|---|---|---|
| fiscal 2016 | 4.06 USD | 3.38 USD | +20.1% | 20-F filed 2017-02-22 |
| fiscal 2015 | 3.38 USD | 3.45 USD | -2.0% | 20-F filed 2016-02-24 |
| fiscal 2014 | 3.45 USD | 3.65 USD | -5.5% | 20-F filed 2015-02-25 |
| fiscal 2013 | 3.65 USD | 3.87 USD | -5.7% | 20-F filed 2014-02-25 |
Concepts read: us-gaap:EarningsPerShareDiluted
Per filed share, as each report states it. Free cash flow per share is operating cash flow less capital expenditure, over the diluted weighted average share count (or net income over diluted EPS where the count is tagged per share class).
Each year’s change comes from one annual report, which states that year and the year before on the same share basis, and the rate compounds those changes; so a split or a restatement between reports cannot bend it. A rate needs a positive figure at both ends of its window. The DCF above grows total free cash flow and divides by today’s share count, so a per-share rate also carries the buybacks or new shares of those years. These are past figures, not a forecast.
Not shown yet: the P/E range FMS has traded at, which would set the discount rate and terminal assumptions against its own history. It needs a long daily price history we are not yet licensed to display.
Per-share inputs withheld: the newest dollar figures it has tagged are for the period ending 2016-12-31.
Estimates, not targets. The DCF treats free cash flow as cash flow to equity and divides by shares (the common retail shortcut — it skips net debt and a full WACC), so it’s a sanity-check, not a valuation opinion. All inputs are from FMS’s SEC filings; change any assumption above and the numbers update live. Educational only — not investment advice.
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A DCF is only as good as its assumptions — that’s exactly why every one here is yours to change. We treat free cash flow as cash flow to equity and divide by shares (the common retail shortcut; it skips net debt and a full WACC), so treat the output as a sanity-check range, not a valuation opinion. Inputs from SEC filings. Educational only — not investment advice.