MIDD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($159.60)
DCF	$-38.73	-124.3%
Graham Number	$94.35	-40.9%
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$163.41	+2.4%

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: -14.5% / EPS: -64.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.86%

Computed WACC: 9.86%

Cost of equity (Re)11.70%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)3.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.82%

Debt weight (D/V)21.18%

Results

Intrinsic Value / share$-38.73

Current Price$159.60

Upside / Downside-124.3%

Net Debt (used)$1.95B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-38.73	$-38.73	$-38.73	$-38.73	$-38.73
8.0%	$-38.73	$-38.73	$-38.73	$-38.73	$-38.73
9.0%	$-38.73	$-38.73	$-38.73	$-38.73	$-38.73
10.0%	$-38.73	$-38.73	$-38.73	$-38.73	$-38.73
11.0%	$-38.73	$-38.73	$-38.73	$-38.73	$-38.73

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $7.11

Book Value / share($)Yahoo: $55.65

Results

Graham Number$94.35

Current Price$159.60

Margin of Safety-40.9%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.86%

Terminal growth rate(%)

Computed WACC: 9.86%

Cost of equity (Re)11.70%(Rf 4.30% + β 1.34 × ERP 5.50%)

Cost of debt (Rd)3.83%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)78.82%

Debt weight (D/V)21.18%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$159.60

Implied Near-term FCF Growth—

Historical Revenue Growth-14.5%

Historical Earnings Growth-64.2%

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: —

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$159.60

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $717.04M

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: $1.95B

Results

Implied Equity Value / share$163.41

Current Price$159.60

Upside / Downside+2.4%

Implied EV$10.18B

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

Mult \ Net Debt	$1.95B	$1.95B	$1.95B	$1.95B	$1.95B
10.2x	$106.47	$106.47	$106.47	$106.47	$106.47
12.2x	$134.94	$134.94	$134.94	$134.94	$134.94
14.2x	$163.41	$163.41	$163.41	$163.41	$163.41
16.2x	$191.88	$191.88	$191.88	$191.88	$191.88
18.2x	$220.35	$220.35	$220.35	$220.35	$220.35

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