MCY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($89.47)
DCF	$92666.71	+103478.7%
Graham Number	$97.95	+9.5%
Reverse DCF	—	implied g: -20.0%
DDM	$26.16	-70.8%
EV/EBITDA	$91.58	+2.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.52B

Near-term growth (yrs 1–5)(%)Rev: 14.1% / EPS: 100.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.45%

Computed WACC: 8.45%

Cost of equity (Re)9.45%(Rf 4.30% + β 0.94 × 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)89.39%

Debt weight (D/V)10.61%

Results

Intrinsic Value / share$104585.64

Current Price$89.47

Upside / Downside+116801.2%

Net Debt (used)-$1.06B

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

WACC \ Near-term	92.9%	96.9%	100.9%	104.9%	108.9%
7.0%	$123742.83	$137074.04	$151531.50	$167185.18	$184107.84
8.0%	$95047.94	$105279.04	$116374.05	$128386.60	$141372.52
9.0%	$75580.39	$83708.55	$92522.68	$102065.35	$112380.85
10.0%	$61619.32	$68239.60	$75418.26	$83189.96	$91590.72
11.0%	$51197.39	$56692.24	$62650.26	$69100.18	$76071.88

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $9.77

Book Value / share($)Yahoo: $43.64

Results

Graham Number$97.95

Current Price$89.47

Margin of Safety+9.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.45%

Terminal growth rate(%)

Computed WACC: 8.45%

Cost of equity (Re)9.45%(Rf 4.30% + β 0.94 × 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)89.39%

Debt weight (D/V)10.61%

Results

Current Price$89.47

Implied Near-term FCF Growth-20.0%

Historical Revenue Growth14.1%

Historical Earnings Growth100.9%

Base FCF (TTM)$2.52B

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: $1.27

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$26.16

Current Price$89.47

Upside / Downside-70.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $764.56M

Target EV/EBITDA multipleCurrent: 5.2×

Net Debt($B)Default: -$1.06B

Results

Implied Equity Value / share$91.58

Current Price$89.47

Upside / Downside+2.4%

Implied EV$4.01B

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

Mult \ Net Debt	-$1.06B	-$1.06B	-$1.06B	-$1.06B	-$1.06B
1.2x	$36.36	$36.36	$36.36	$36.36	$36.36
3.2x	$63.97	$63.97	$63.97	$63.97	$63.97
5.2x	$91.58	$91.58	$91.58	$91.58	$91.58
7.2x	$119.19	$119.19	$119.19	$119.19	$119.19
9.2x	$146.79	$146.79	$146.79	$146.79	$146.79

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