The Take
The FCFF template is the wrong tool for this business — and that itself is the finding. Even capitalizing R&D (which lifts EBIT), the R&D-adjusted DCF puts equity at roughly zero — actually slightly negative — vs a $10.54 price. The R&D add-back nets to ~zero here because R&D is small (~$40M) and declining, so trailing amortization cancels it.
What kills the DCF is structure: tiny NOPAT (~$25M) against $323M net debt at an 11.7% WACC — nearly all operating value accrues to creditors, not equity. The market's $1.3B cap is priced on adjusted EBITDA ($122M, +69%) and turnaround/squeeze momentum, not cash flow to shareholders. This is a leveraged call option on the turnaround, tradeable but not supported by normalized FCFF.