MAYS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($46.11)
DCF	$6.25	-86.4%
Graham Number	—	—
Reverse DCF	—	implied g: 24.5%
DDM	—	—
EV/EBITDA	$46.77	+1.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.22M

Near-term growth (yrs 1–5)(%)Rev: -5.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.45%

Computed WACC: 4.45%

Cost of equity (Re)4.78%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)4.28%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)76.54%

Debt weight (D/V)23.46%

Results

Intrinsic Value / share$51.86

Current Price$46.11

Upside / Downside+12.5%

Net Debt (used)$26.31M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$6.42	$10.35	$14.93	$20.23	$26.34
8.0%	$2.95	$6.12	$9.80	$14.06	$18.95
9.0%	$0.55	$3.19	$6.25	$9.78	$13.84
10.0%	$-1.21	$1.04	$3.65	$6.65	$10.10
11.0%	$-2.56	$-0.60	$1.66	$4.26	$7.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.25

Book Value / share($)Yahoo: $26.01

Results

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

Graham Number—

Current Price$46.11

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.45%

Terminal growth rate(%)

Computed WACC: 4.45%

Cost of equity (Re)4.78%(Rf 4.30% + β 0.09 × ERP 5.50%)

Cost of debt (Rd)4.28%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)76.54%

Debt weight (D/V)23.46%

Results

Current Price$46.11

Implied Near-term FCF Growth3.6%

Historical Revenue Growth-5.2%

Historical Earnings Growth—

Base FCF (TTM)$2.22M

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$46.11

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.13M

Target EV/EBITDA multipleCurrent: 106.4×

Net Debt($B)Default: $26.31M

Results

Implied Equity Value / share$46.77

Current Price$46.11

Upside / Downside+1.4%

Implied EV$120.58M

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

Mult \ Net Debt	-$1.97B	-$973.69M	$26.31M	$1.03B	$2.03B
102.4x	$1036.69	$540.61	$44.52	$-451.57	$-947.65
104.4x	$1037.82	$541.73	$45.65	$-450.44	$-946.53
106.4x	$1038.94	$542.86	$46.77	$-449.32	$-945.40
108.4x	$1040.07	$543.98	$47.89	$-448.19	$-944.28
110.4x	$1041.19	$545.11	$49.02	$-447.07	$-943.15

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