MAC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($19.99)
DCF	$9.94	-50.3%
Graham Number	—	—
Reverse DCF	—	implied g: 10.1%
DDM	$14.01	-29.9%
EV/EBITDA	$20.29	+1.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $421.87M

Near-term growth (yrs 1–5)(%)Rev: -17.4% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.44%

Computed WACC: 8.44%

Cost of equity (Re)16.48%(Rf 4.30% + β 2.21 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)51.19%

Debt weight (D/V)48.81%

Results

Intrinsic Value / share$12.69

Current Price$19.99

Upside / Downside-36.5%

Net Debt (used)$4.86B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$10.19	$16.07	$22.92	$30.84	$39.97
8.0%	$5.01	$9.74	$15.25	$21.61	$28.92
9.0%	$1.42	$5.36	$9.94	$15.22	$21.29
10.0%	$-1.22	$2.15	$6.05	$10.54	$15.70
11.0%	$-3.23	$-0.31	$3.07	$6.96	$11.43

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.78

Book Value / share($)Yahoo: $9.53

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$19.99

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.44%

Terminal growth rate(%)

Computed WACC: 8.44%

Cost of equity (Re)16.48%(Rf 4.30% + β 2.21 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)51.19%

Debt weight (D/V)48.81%

Results

Current Price$19.99

Implied Near-term FCF Growth8.5%

Historical Revenue Growth-17.4%

Historical Earnings Growth—

Base FCF (TTM)$421.87M

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: $0.68

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$14.01

Current Price$19.99

Upside / Downside-29.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $558.64M

Target EV/EBITDA multipleCurrent: 18.0×

Net Debt($B)Default: $4.86B

Results

Implied Equity Value / share$20.29

Current Price$19.99

Upside / Downside+1.5%

Implied EV$10.06B

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

Mult \ Net Debt	$2.86B	$3.86B	$4.86B	$5.86B	$6.86B
14.0x	$19.38	$15.48	$11.59	$7.69	$3.80
16.0x	$23.73	$19.84	$15.94	$12.04	$8.15
18.0x	$28.09	$24.19	$20.29	$16.40	$12.50
20.0x	$32.44	$28.54	$24.65	$20.75	$16.85
22.0x	$36.79	$32.90	$29.00	$25.10	$21.21

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