MFA-PB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($21.12)
DCF	$-23.98	-213.5%
Graham Number	$21.66	+2.6%
Reverse DCF	—	—
DDM	$38.73	+83.4%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: —

Near-term growth (yrs 1–5)(%)Rev: 111.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.66%

Computed WACC: 2.66%

Cost of equity (Re)13.34%(Rf 4.30% + β 1.64 × 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)19.91%

Debt weight (D/V)80.09%

Results

Intrinsic Value / share$-23.98

Current Price$21.12

Upside / Downside-213.5%

Net Debt (used)$10.78B

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

WACC \ Near-term	103.3%	107.3%	111.3%	115.3%	119.3%
7.0%	$-23.98	$-23.98	$-23.98	$-23.98	$-23.98
8.0%	$-23.98	$-23.98	$-23.98	$-23.98	$-23.98
9.0%	$-23.98	$-23.98	$-23.98	$-23.98	$-23.98
10.0%	$-23.98	$-23.98	$-23.98	$-23.98	$-23.98
11.0%	$-23.98	$-23.98	$-23.98	$-23.98	$-23.98

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.16

Book Value / share($)Yahoo: $17.98

Results

Graham Number$21.66

Current Price$21.12

Margin of Safety+2.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.66%

Terminal growth rate(%)

Computed WACC: 2.66%

Cost of equity (Re)13.34%(Rf 4.30% + β 1.64 × 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)19.91%

Debt weight (D/V)80.09%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$21.12

Implied Near-term FCF Growth—

Historical Revenue Growth111.3%

Historical Earnings Growth—

Base FCF (TTM)—

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: $1.88

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$38.73

Current Price$21.12

Upside / Downside+83.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: —

Target EV/EBITDA multipleCurrent: —×

Net Debt($B)Default: $10.78B

Results

Implied Equity Value / share$-23.98

Current Price$21.12

Upside / Downside-213.5%

Implied EV$0

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