MGM — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($35.72)
DCF	$6674.56	+18585.8%
Graham Number	$12.68	-64.5%
Reverse DCF	—	implied g: 31.9%
DDM	—	—
EV/EBITDA	$39.03	+9.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $477.95M

Near-term growth (yrs 1–5)(%)Rev: 6.0% / EPS: 115.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 2.84%

Computed WACC: 2.84%

Cost of equity (Re)12.02%(Rf 4.30% + β 1.40 × 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)23.64%

Debt weight (D/V)76.36%

Results

Intrinsic Value / share$196749.45

Current Price$35.72

Upside / Downside+550710.3%

Net Debt (used)$29.28B

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

WACC \ Near-term	107.7%	111.7%	115.7%	119.7%	123.7%
7.0%	$9153.30	$10078.92	$11077.11	$12152.06	$13308.10
8.0%	$6986.04	$7694.82	$8459.15	$9282.23	$10167.39
9.0%	$5517.08	$6078.90	$6684.74	$7337.13	$8038.70
10.0%	$4464.71	$4921.27	$5413.57	$5943.68	$6513.75
11.0%	$3680.01	$4058.07	$4465.73	$4904.69	$5376.71

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.76

Book Value / share($)Yahoo: $9.41

Results

Graham Number$12.68

Current Price$35.72

Margin of Safety-64.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 2.84%

Terminal growth rate(%)

Computed WACC: 2.84%

Cost of equity (Re)12.02%(Rf 4.30% + β 1.40 × 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)23.64%

Debt weight (D/V)76.36%

Results

Current Price$35.72

Implied Near-term FCF Growth-13.8%

Historical Revenue Growth6.0%

Historical Earnings Growth115.7%

Base FCF (TTM)$477.95M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$35.72

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $2.35B

Target EV/EBITDA multipleCurrent: 16.7×

Net Debt($B)Default: $29.28B

Results

Implied Equity Value / share$39.03

Current Price$35.72

Upside / Downside+9.3%

Implied EV$39.26B

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

Mult \ Net Debt	$15.28B	$22.28B	$29.28B	$36.28B	$43.28B
12.7x	$56.94	$29.57	$2.21	$-25.15	$-52.51
14.7x	$75.34	$47.98	$20.62	$-6.74	$-34.11
16.7x	$93.75	$66.39	$39.03	$11.66	$-15.70
18.7x	$112.16	$84.79	$57.43	$30.07	$2.71
20.7x	$130.56	$103.20	$75.84	$48.48	$21.12

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