MARA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($8.94)
DCF	$805.89	+8914.4%
Graham Number	$28.07	+214.0%
Reverse DCF	—	implied g: 13.1%
DDM	—	—
EV/EBITDA	$8.99	+0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $220.67M

Near-term growth (yrs 1–5)(%)Rev: 91.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 16.70%

Computed WACC: 16.70%

Cost of equity (Re)34.70%(Rf 4.30% + β 5.53 × 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)48.14%

Debt weight (D/V)51.86%

Results

Intrinsic Value / share$234.41

Current Price$8.94

Upside / Downside+2522.1%

Net Debt (used)$2.82B

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

WACC \ Near-term	83.7%	87.7%	91.7%	95.7%	99.7%
7.0%	$1067.65	$1189.44	$1322.03	$1466.15	$1622.51
8.0%	$819.83	$913.45	$1015.37	$1126.14	$1246.31
9.0%	$651.59	$726.09	$807.19	$895.32	$990.93
10.0%	$530.85	$591.62	$657.78	$729.68	$807.67
11.0%	$440.64	$491.17	$546.17	$605.93	$670.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.57

Book Value / share($)Yahoo: $13.63

Results

Graham Number$28.07

Current Price$8.94

Margin of Safety+214.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 16.70%

Terminal growth rate(%)

Computed WACC: 16.70%

Cost of equity (Re)34.70%(Rf 4.30% + β 5.53 × 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)48.14%

Debt weight (D/V)51.86%

Results

Current Price$8.94

Implied Near-term FCF Growth31.0%

Historical Revenue Growth91.7%

Historical Earnings Growth—

Base FCF (TTM)$220.67M

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$8.94

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.13B

Target EV/EBITDA multipleCurrent: 5.5×

Net Debt($B)Default: $2.82B

Results

Implied Equity Value / share$8.99

Current Price$8.94

Upside / Downside+0.5%

Implied EV$6.21B

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

Mult \ Net Debt	$816.08M	$1.82B	$2.82B	$3.82B	$4.82B
1.5x	$2.33	$-0.31	$-2.96	$-5.60	$-8.24
3.5x	$8.30	$5.66	$3.01	$0.37	$-2.27
5.5x	$14.27	$11.63	$8.99	$6.34	$3.70
7.5x	$20.24	$17.60	$14.96	$12.31	$9.67
9.5x	$26.22	$23.57	$20.93	$18.28	$15.64

← Overview Financial Statements ← Companies