MLAB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($93.24)
DCF	$91.79	-1.6%
Graham Number	$22.23	-76.2%
Reverse DCF	—	implied g: 5.2%
DDM	$13.18	-85.9%
EV/EBITDA	$96.57	+3.6%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $36.83M

Near-term growth (yrs 1–5)(%)Rev: 3.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.92%

Computed WACC: 6.92%

Cost of equity (Re)9.20%(Rf 4.30% + β 0.89 × 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)75.19%

Debt weight (D/V)24.81%

Results

Intrinsic Value / share$147.54

Current Price$93.24

Upside / Downside+58.2%

Net Debt (used)$139.55M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$92.79	$116.67	$144.44	$176.58	$213.61
8.0%	$71.79	$91.00	$113.32	$139.12	$168.80
9.0%	$57.23	$73.23	$91.79	$113.21	$137.82
10.0%	$46.55	$60.19	$76.00	$94.23	$115.14
11.0%	$38.36	$50.22	$63.94	$79.73	$97.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.65

Book Value / share($)Yahoo: $33.79

Results

Graham Number$22.23

Current Price$93.24

Margin of Safety-76.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.92%

Terminal growth rate(%)

Computed WACC: 6.92%

Cost of equity (Re)9.20%(Rf 4.30% + β 0.89 × 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)75.19%

Debt weight (D/V)24.81%

Results

Current Price$93.24

Implied Near-term FCF Growth-1.0%

Historical Revenue Growth3.6%

Historical Earnings Growth—

Base FCF (TTM)$36.83M

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: $0.64

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$13.18

Current Price$93.24

Upside / Downside-85.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $42.25M

Target EV/EBITDA multipleCurrent: 15.9×

Net Debt($B)Default: $139.55M

Results

Implied Equity Value / share$96.57

Current Price$93.24

Upside / Downside+3.6%

Implied EV$673.08M

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

Mult \ Net Debt	-$1.86B	-$860.45M	$139.55M	$1.14B	$2.14B
11.9x	$427.98	$246.98	$65.98	$-115.02	$-296.02
13.9x	$443.28	$262.28	$81.28	$-99.73	$-280.73
15.9x	$458.57	$277.57	$96.57	$-84.43	$-265.43
17.9x	$473.87	$292.87	$111.87	$-69.14	$-250.14
19.9x	$489.16	$308.16	$127.16	$-53.84	$-234.84

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