MCRI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($96.86)
DCF	$78436314.42	+80978956.8%
Graham Number	$60.72	-37.3%
Reverse DCF	—	implied g: 1.7%
DDM	$24.72	-74.5%
EV/EBITDA	$96.86	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $114.21M

Near-term growth (yrs 1–5)(%)Rev: 4.1% / EPS: 445.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 11.59%

Computed WACC: 11.59%

Cost of equity (Re)11.68%(Rf 4.30% + β 1.34 × 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)99.24%

Debt weight (D/V)0.76%

Results

Intrinsic Value / share$45957781.32

Current Price$96.86

Upside / Downside+47447537.1%

Net Debt (used)-$83.17M

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

WACC \ Near-term	437.2%	441.2%	445.2%	449.2%	453.2%
7.0%	$123159191.56	$127813163.74	$132606777.12	$137543150.82	$142625450.06
8.0%	$93104538.02	$96622786.75	$100246599.34	$103978333.72	$107820382.69
9.0%	$72848141.76	$75600929.97	$78436314.42	$81356140.04	$84362279.00
10.0%	$58426101.44	$60633901.53	$62907945.54	$65249713.12	$67660705.80
11.0%	$47743882.44	$49548017.19	$51406283.91	$53319891.71	$55290067.59

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $5.43

Book Value / share($)Yahoo: $30.17

Results

Graham Number$60.72

Current Price$96.86

Margin of Safety-37.3%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 11.59%

Terminal growth rate(%)

Computed WACC: 11.59%

Cost of equity (Re)11.68%(Rf 4.30% + β 1.34 × 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)99.24%

Debt weight (D/V)0.76%

Results

Current Price$96.86

Implied Near-term FCF Growth7.6%

Historical Revenue Growth4.1%

Historical Earnings Growth445.2%

Base FCF (TTM)$114.21M

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: $1.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$24.72

Current Price$96.86

Upside / Downside-74.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $190.72M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: -$83.17M

Results

Implied Equity Value / share$96.86

Current Price$96.86

Upside / Downside+0.0%

Implied EV$1.65B

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

Mult \ Net Debt	-$2.08B	-$1.08B	-$83.17M	$916.83M	$1.92B
4.6x	$166.03	$110.12	$54.21	$-1.70	$-57.61
6.6x	$187.36	$131.45	$75.54	$19.63	$-36.28
8.6x	$208.68	$152.77	$96.86	$40.95	$-14.96
10.6x	$230.01	$174.10	$118.19	$62.28	$6.37
12.6x	$251.33	$195.42	$139.51	$83.60	$27.70

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