MDRR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($11.55)
DCF	$-112.63	-1075.2%
Graham Number	—	—
Reverse DCF	—	—
DDM	$5.56	-51.8%
EV/EBITDA	$24.69	+113.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$2.24M

Near-term growth (yrs 1–5)(%)Rev: 19.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.81%

Computed WACC: 4.81%

Cost of equity (Re)7.09%(Rf 4.30% + β 0.51 × ERP 5.50%)

Cost of debt (Rd)5.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)25.40%

Debt weight (D/V)74.60%

Results

Intrinsic Value / share$-282.14

Current Price$11.55

Upside / Downside-2542.8%

Net Debt (used)$35.79M

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

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$-119.45	$-135.45	$-153.76	$-174.64	$-198.35
8.0%	$-102.20	$-114.88	$-129.39	$-145.91	$-164.67
9.0%	$-90.34	$-100.74	$-112.63	$-126.17	$-141.52
10.0%	$-81.70	$-90.45	$-100.44	$-111.80	$-124.69
11.0%	$-75.14	$-82.64	$-91.19	$-100.91	$-111.93

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.73

Book Value / share($)Yahoo: $9.33

Results

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

Graham Number—

Current Price$11.55

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.81%

Terminal growth rate(%)

Computed WACC: 4.81%

Cost of equity (Re)7.09%(Rf 4.30% + β 0.51 × ERP 5.50%)

Cost of debt (Rd)5.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)25.40%

Debt weight (D/V)74.60%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$11.55

Implied Near-term FCF Growth—

Historical Revenue Growth19.2%

Historical Earnings Growth—

Base FCF (TTM)-$2.24M

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: $0.27

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.56

Current Price$11.55

Upside / Downside-51.8%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.03M

Target EV/EBITDA multipleCurrent: 15.7×

Net Debt($B)Default: $35.79M

Results

Implied Equity Value / share$24.69

Current Price$11.55

Upside / Downside+113.8%

Implied EV$63.26M

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

Mult \ Net Debt	-$1.96B	-$964.21M	$35.79M	$1.04B	$2.04B
11.7x	$1808.11	$909.16	$10.21	$-888.74	$-1787.70
13.7x	$1815.36	$916.40	$17.45	$-881.50	$-1780.46
15.7x	$1822.60	$923.64	$24.69	$-874.26	$-1773.22
17.7x	$1829.84	$930.88	$31.93	$-867.02	$-1765.98
19.7x	$1837.08	$938.13	$39.17	$-859.78	$-1758.73

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