MDLZ — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($60.44)
DCF	$47.72	-21.1%
Graham Number	$29.28	-51.6%
Reverse DCF	—	implied g: 12.5%
DDM	$41.20	-31.8%
EV/EBITDA	$60.48	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.59B

Near-term growth (yrs 1–5)(%)Rev: 9.3% / EPS: -60.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.56%

Computed WACC: 5.56%

Cost of equity (Re)6.31%(Rf 4.30% + β 0.37 × ERP 5.50%)

Cost of debt (Rd)3.64%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.02%

Debt weight (D/V)21.98%

Results

Intrinsic Value / share$123.45

Current Price$60.44

Upside / Downside+104.2%

Net Debt (used)$19.84B

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

WACC \ Near-term	1.3%	5.3%	9.3%	13.3%	17.3%
7.0%	$49.91	$62.76	$77.64	$94.79	$114.44
8.0%	$37.81	$48.10	$60.00	$73.69	$89.37
9.0%	$29.45	$37.98	$47.82	$59.13	$72.08
10.0%	$23.33	$30.57	$38.91	$48.50	$59.45
11.0%	$18.66	$24.92	$32.13	$40.39	$49.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.89

Book Value / share($)Yahoo: $20.16

Results

Graham Number$29.28

Current Price$60.44

Margin of Safety-51.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.56%

Terminal growth rate(%)

Computed WACC: 5.56%

Cost of equity (Re)6.31%(Rf 4.30% + β 0.37 × ERP 5.50%)

Cost of debt (Rd)3.64%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.02%

Debt weight (D/V)21.98%

Results

Current Price$60.44

Implied Near-term FCF Growth0.1%

Historical Revenue Growth9.3%

Historical Earnings Growth-60.4%

Base FCF (TTM)$3.59B

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: $2.00

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$41.20

Current Price$60.44

Upside / Downside-31.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.99B

Target EV/EBITDA multipleCurrent: 19.5×

Net Debt($B)Default: $19.84B

Results

Implied Equity Value / share$60.48

Current Price$60.44

Upside / Downside+0.1%

Implied EV$97.37B

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

Mult \ Net Debt	$9.84B	$14.84B	$19.84B	$24.84B	$29.84B
15.5x	$52.71	$48.81	$44.91	$41.01	$37.11
17.5x	$60.50	$56.60	$52.70	$48.79	$44.89
19.5x	$68.28	$64.38	$60.48	$56.58	$52.68
21.5x	$76.07	$72.17	$68.27	$64.37	$60.47
23.5x	$83.85	$79.95	$76.05	$72.15	$68.25

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