MET — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($73.24)
DCF	$-1306.50	-1883.9%
Graham Number	$67.77	-7.5%
Reverse DCF	—	—
DDM	$46.76	-36.2%
EV/EBITDA	$74.04	+1.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$12.74B

Near-term growth (yrs 1–5)(%)Rev: 27.6% / EPS: -34.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.30%

Computed WACC: 4.30%

Cost of equity (Re)8.40%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)1.62%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.48%

Debt weight (D/V)57.52%

Results

Intrinsic Value / share$-5311.68

Current Price$73.24

Upside / Downside-7352.4%

Net Debt (used)$39.72B

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

WACC \ Near-term	19.6%	23.6%	27.6%	31.6%	35.6%
7.0%	$-1461.35	$-1702.64	$-1976.64	$-2286.60	$-2635.96
8.0%	$-1173.44	$-1363.44	$-1579.07	$-1822.88	$-2097.55
9.0%	$-975.98	$-1130.84	$-1306.50	$-1505.01	$-1728.56
10.0%	$-832.65	$-962.06	$-1108.75	$-1274.45	$-1460.95
11.0%	$-724.25	$-834.44	$-959.27	$-1100.20	$-1258.75

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.71

Book Value / share($)Yahoo: $43.33

Results

Graham Number$67.77

Current Price$73.24

Margin of Safety-7.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.30%

Terminal growth rate(%)

Computed WACC: 4.30%

Cost of equity (Re)8.40%(Rf 4.30% + β 0.74 × ERP 5.50%)

Cost of debt (Rd)1.62%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)42.48%

Debt weight (D/V)57.52%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$73.24

Implied Near-term FCF Growth—

Historical Revenue Growth27.6%

Historical Earnings Growth-34.2%

Base FCF (TTM)-$12.74B

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: $2.27

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$46.76

Current Price$73.24

Upside / Downside-36.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $5.96B

Target EV/EBITDA multipleCurrent: 14.8×

Net Debt($B)Default: $39.72B

Results

Implied Equity Value / share$74.04

Current Price$73.24

Upside / Downside+1.1%

Implied EV$88.00B

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

Mult \ Net Debt	$19.72B	$29.72B	$39.72B	$49.72B	$59.72B
10.8x	$68.14	$52.80	$37.47	$22.13	$6.79
12.8x	$86.43	$71.09	$55.75	$40.42	$25.08
14.8x	$104.71	$89.38	$74.04	$58.70	$43.37
16.8x	$123.00	$107.66	$92.33	$76.99	$61.65
18.8x	$141.29	$125.95	$110.61	$95.28	$79.94

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