MAN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($27.02)
DCF	$-191.92	-810.3%
Graham Number	—	—
Reverse DCF	—	—
DDM	$29.66	+9.8%
EV/EBITDA	$27.03	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$86.15M

Near-term growth (yrs 1–5)(%)Rev: 7.1% / EPS: 33.8%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.44%

Computed WACC: 3.44%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)37.52%

Debt weight (D/V)62.48%

Results

Intrinsic Value / share$-1447.78

Current Price$27.02

Upside / Downside-5458.2%

Net Debt (used)$1.22B

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

WACC \ Near-term	25.8%	29.8%	33.8%	37.8%	41.8%
7.0%	$-216.92	$-248.31	$-283.76	$-323.65	$-368.39
8.0%	$-176.83	$-201.45	$-229.24	$-260.50	$-295.54
9.0%	$-149.38	$-169.37	$-191.92	$-217.27	$-245.69
10.0%	$-129.50	$-146.13	$-164.89	$-185.98	$-209.60
11.0%	$-114.49	$-128.60	$-144.51	$-162.37	$-182.38

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.29

Book Value / share($)Yahoo: $44.49

Results

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

Graham Number—

Current Price$27.02

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.44%

Terminal growth rate(%)

Computed WACC: 3.44%

Cost of equity (Re)9.17%(Rf 4.30% + β 0.89 × 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)37.52%

Debt weight (D/V)62.48%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$27.02

Implied Near-term FCF Growth—

Historical Revenue Growth7.1%

Historical Earnings Growth33.8%

Base FCF (TTM)-$86.15M

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: $1.44

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$29.66

Current Price$27.02

Upside / Downside+9.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $374.20M

Target EV/EBITDA multipleCurrent: 6.6×

Net Debt($B)Default: $1.22B

Results

Implied Equity Value / share$27.03

Current Price$27.02

Upside / Downside+0.1%

Implied EV$2.47B

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

Mult \ Net Debt	$1.22B	$1.22B	$1.22B	$1.22B	$1.22B
2.6x	$-5.21	$-5.21	$-5.21	$-5.21	$-5.21
4.6x	$10.91	$10.91	$10.91	$10.91	$10.91
6.6x	$27.03	$27.03	$27.03	$27.03	$27.03
8.6x	$43.16	$43.16	$43.16	$43.16	$43.16
10.6x	$59.28	$59.28	$59.28	$59.28	$59.28

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