MDU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($20.85)
DCF	$-227.72	-1192.2%
Graham Number	$16.85	-19.2%
Reverse DCF	—	—
DDM	$11.33	-45.7%
EV/EBITDA	$20.85	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$365.01M

Near-term growth (yrs 1–5)(%)Rev: -0.3% / EPS: 39.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 3.93%

Computed WACC: 3.93%

Cost of equity (Re)6.43%(Rf 4.30% + β 0.39 × 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)61.12%

Debt weight (D/V)38.88%

Results

Intrinsic Value / share$-1223.27

Current Price$20.85

Upside / Downside-5967.0%

Net Debt (used)$2.70B

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

WACC \ Near-term	31.4%	35.4%	39.4%	43.4%	47.4%
7.0%	$-264.86	$-304.64	$-349.36	$-399.45	$-455.39
8.0%	$-211.06	$-242.16	$-277.11	$-316.24	$-359.93
9.0%	$-174.28	$-199.45	$-227.72	$-259.37	$-294.70
10.0%	$-147.67	$-168.56	$-192.01	$-218.25	$-247.53
11.0%	$-127.63	$-145.29	$-165.11	$-187.28	$-212.02

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.93

Book Value / share($)Yahoo: $13.57

Results

Graham Number$16.85

Current Price$20.85

Margin of Safety-19.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 3.93%

Terminal growth rate(%)

Computed WACC: 3.93%

Cost of equity (Re)6.43%(Rf 4.30% + β 0.39 × 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)61.12%

Debt weight (D/V)38.88%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$20.85

Implied Near-term FCF Growth—

Historical Revenue Growth-0.3%

Historical Earnings Growth39.4%

Base FCF (TTM)-$365.01M

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: $0.55

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$11.33

Current Price$20.85

Upside / Downside-45.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $498.48M

Target EV/EBITDA multipleCurrent: 14.0×

Net Debt($B)Default: $2.70B

Results

Implied Equity Value / share$20.85

Current Price$20.85

Upside / Downside-0.0%

Implied EV$6.96B

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

Mult \ Net Debt	$697.90M	$1.70B	$2.70B	$3.70B	$4.70B
10.0x	$20.88	$15.99	$11.09	$6.20	$1.31
12.0x	$25.76	$20.86	$15.97	$11.08	$6.19
14.0x	$30.64	$25.74	$20.85	$15.96	$11.06
16.0x	$35.51	$30.62	$25.73	$20.84	$15.94
18.0x	$40.39	$35.50	$30.61	$25.71	$20.82

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