MAS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($70.15)
DCF	$44.57	-36.5%
Graham Number	—	—
Reverse DCF	—	implied g: 11.3%
DDM	$26.37	-62.4%
EV/EBITDA	$72.91	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $663.12M

Near-term growth (yrs 1–5)(%)Rev: -1.9% / EPS: -5.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.28%

Computed WACC: 9.28%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)81.63%

Debt weight (D/V)18.37%

Results

Intrinsic Value / share$42.18

Current Price$70.15

Upside / Downside-39.9%

Net Debt (used)$2.57B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$45.06	$56.72	$70.29	$85.99	$104.08
8.0%	$34.80	$44.18	$55.09	$67.69	$82.19
9.0%	$27.68	$35.50	$44.57	$55.03	$67.05
10.0%	$22.46	$29.13	$36.85	$45.76	$55.97
11.0%	$18.47	$24.26	$30.96	$38.67	$47.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $3.86

Book Value / share($)Yahoo: $-0.91

Results

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

Graham Number—

Current Price$70.15

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.28%

Terminal growth rate(%)

Computed WACC: 9.28%

Cost of equity (Re)11.37%(Rf 4.30% + β 1.28 × 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)81.63%

Debt weight (D/V)18.37%

Results

Current Price$70.15

Implied Near-term FCF Growth12.1%

Historical Revenue Growth-1.9%

Historical Earnings Growth-5.9%

Base FCF (TTM)$663.12M

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: $1.28

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.37

Current Price$70.15

Upside / Downside-62.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.41B

Target EV/EBITDA multipleCurrent: 12.3×

Net Debt($B)Default: $2.57B

Results

Implied Equity Value / share$72.91

Current Price$70.15

Upside / Downside+3.9%

Implied EV$17.41B

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

Mult \ Net Debt	$568.00M	$1.57B	$2.57B	$3.57B	$4.57B
8.3x	$54.95	$50.04	$45.13	$40.21	$35.30
10.3x	$68.84	$63.93	$59.02	$54.10	$49.19
12.3x	$82.73	$77.82	$72.91	$67.99	$63.08
14.3x	$96.62	$91.71	$86.79	$81.88	$76.97
16.3x	$110.51	$105.60	$100.68	$95.77	$90.86

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