MANH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($139.97)
DCF	$183.39	+31.0%
Graham Number	$20.61	-85.3%
Reverse DCF	—	implied g: 11.8%
DDM	—	—
EV/EBITDA	$139.97	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $312.00M

Near-term growth (yrs 1–5)(%)Rev: 16.6% / EPS: 0.0%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.93%

Computed WACC: 9.93%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)99.73%

Debt weight (D/V)0.27%

Results

Intrinsic Value / share$158.30

Current Price$139.97

Upside / Downside+13.1%

Net Debt (used)-$240.55M

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

WACC \ Near-term	8.6%	12.6%	16.6%	20.6%	24.6%
7.0%	$196.25	$232.15	$273.37	$320.49	$374.12
8.0%	$158.83	$187.35	$220.07	$257.44	$299.95
9.0%	$133.06	$156.51	$183.39	$214.07	$248.94
10.0%	$114.27	$134.04	$156.67	$182.48	$211.80
11.0%	$99.99	$116.96	$136.38	$158.51	$183.62

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.59

Book Value / share($)Yahoo: $5.26

Results

Graham Number$20.61

Current Price$139.97

Margin of Safety-85.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.93%

Terminal growth rate(%)

Computed WACC: 9.93%

Cost of equity (Re)9.95%(Rf 4.30% + β 1.03 × 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)99.73%

Debt weight (D/V)0.27%

Results

Current Price$139.97

Implied Near-term FCF Growth14.3%

Historical Revenue Growth16.6%

Historical Earnings Growth0.0%

Base FCF (TTM)$312.00M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$139.97

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $289.05M

Target EV/EBITDA multipleCurrent: 28.1×

Net Debt($B)Default: -$240.55M

Results

Implied Equity Value / share$139.97

Current Price$139.97

Upside / Downside-0.0%

Implied EV$8.14B

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

Mult \ Net Debt	-$2.24B	-$1.24B	-$240.55M	$759.45M	$1.76B
24.1x	$154.07	$137.36	$120.65	$103.94	$87.23
26.1x	$163.73	$147.02	$130.31	$113.60	$96.89
28.1x	$173.39	$156.68	$139.97	$123.26	$106.55
30.1x	$183.05	$166.34	$149.63	$132.92	$116.21
32.1x	$192.71	$176.00	$159.29	$142.58	$125.87

← Overview Financial Statements ← Companies