MLI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($117.96)
DCF	$144.62	+22.6%
Graham Number	$66.80	-43.4%
Reverse DCF	—	implied g: 10.0%
DDM	$28.84	-75.6%
EV/EBITDA	$118.14	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $498.54M

Near-term growth (yrs 1–5)(%)Rev: 4.2% / EPS: 13.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.11%

Computed WACC: 10.11%

Cost of equity (Re)10.13%(Rf 4.30% + β 1.06 × 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)99.79%

Debt weight (D/V)0.21%

Results

Intrinsic Value / share$123.65

Current Price$117.96

Upside / Downside+4.8%

Net Debt (used)-$1.36B

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

WACC \ Near-term	5.9%	9.9%	13.9%	17.9%	21.9%
7.0%	$152.51	$179.21	$209.96	$245.21	$285.44
8.0%	$125.66	$146.93	$171.40	$199.43	$231.39
9.0%	$107.16	$124.69	$144.84	$167.90	$194.17
10.0%	$93.64	$108.46	$125.47	$144.91	$167.05
11.0%	$83.36	$96.11	$110.74	$127.44	$146.45

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.87

Book Value / share($)Yahoo: $28.87

Results

Graham Number$66.80

Current Price$117.96

Margin of Safety-43.4%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.11%

Terminal growth rate(%)

Computed WACC: 10.11%

Cost of equity (Re)10.13%(Rf 4.30% + β 1.06 × 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)99.79%

Debt weight (D/V)0.21%

Results

Current Price$117.96

Implied Near-term FCF Growth13.0%

Historical Revenue Growth4.2%

Historical Earnings Growth13.9%

Base FCF (TTM)$498.54M

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: $1.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.84

Current Price$117.96

Upside / Downside-75.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $963.18M

Target EV/EBITDA multipleCurrent: 12.2×

Net Debt($B)Default: -$1.36B

Results

Implied Equity Value / share$118.14

Current Price$117.96

Upside / Downside+0.2%

Implied EV$11.75B

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

Mult \ Net Debt	-$1.36B	-$1.36B	-$1.36B	-$1.36B	-$1.36B
8.2x	$83.43	$83.43	$83.43	$83.43	$83.43
10.2x	$100.79	$100.79	$100.79	$100.79	$100.79
12.2x	$118.14	$118.14	$118.14	$118.14	$118.14
14.2x	$135.49	$135.49	$135.49	$135.49	$135.49
16.2x	$152.84	$152.84	$152.84	$152.84	$152.84

← Overview Financial Statements ← Companies