MAA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($134.11)
DCF	$93.37	-30.4%
Graham Number	$64.19	-52.1%
Reverse DCF	—	implied g: 9.4%
DDM	$126.07	-6.0%
EV/EBITDA	$135.44	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $927.55M

Near-term growth (yrs 1–5)(%)Rev: 1.0% / EPS: -65.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.05%

Computed WACC: 7.05%

Cost of equity (Re)8.52%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)3.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.78%

Debt weight (D/V)25.22%

Results

Intrinsic Value / share$153.79

Current Price$134.11

Upside / Downside+14.7%

Net Debt (used)$5.37B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$94.57	$122.98	$156.03	$194.29	$238.35
8.0%	$69.57	$92.43	$119.00	$149.70	$185.02
9.0%	$52.24	$71.28	$93.37	$118.86	$148.16
10.0%	$39.52	$55.77	$74.58	$96.27	$121.16
11.0%	$29.79	$43.90	$60.22	$79.01	$100.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.78

Book Value / share($)Yahoo: $48.45

Results

Graham Number$64.19

Current Price$134.11

Margin of Safety-52.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.05%

Terminal growth rate(%)

Computed WACC: 7.05%

Cost of equity (Re)8.52%(Rf 4.30% + β 0.77 × ERP 5.50%)

Cost of debt (Rd)3.41%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)74.78%

Debt weight (D/V)25.22%

Results

Current Price$134.11

Implied Near-term FCF Growth3.3%

Historical Revenue Growth1.0%

Historical Earnings Growth-65.8%

Base FCF (TTM)$927.55M

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: $6.12

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$126.07

Current Price$134.11

Upside / Downside-6.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.24B

Target EV/EBITDA multipleCurrent: 17.1×

Net Debt($B)Default: $5.37B

Results

Implied Equity Value / share$135.44

Current Price$134.11

Upside / Downside+1.0%

Implied EV$21.20B

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

Mult \ Net Debt	$3.37B	$4.37B	$5.37B	$6.37B	$7.37B
13.1x	$110.04	$101.49	$92.93	$84.38	$75.82
15.1x	$131.30	$122.74	$114.19	$105.63	$97.08
17.1x	$152.55	$144.00	$135.44	$126.89	$118.34
19.1x	$173.81	$165.25	$156.70	$148.15	$139.59
21.1x	$195.06	$186.51	$177.96	$169.40	$160.85

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