MMI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($26.48)
DCF	$134.67	+408.6%
Graham Number	—	—
Reverse DCF	—	implied g: 22.9%
DDM	$10.30	-61.1%
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $17.24M

Near-term growth (yrs 1–5)(%)Rev: 1.6% / EPS: 56.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.99%

Computed WACC: 10.99%

Cost of equity (Re)11.83%(Rf 4.30% + β 1.37 × 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)92.94%

Debt weight (D/V)7.06%

Results

Intrinsic Value / share$94.90

Current Price$26.48

Upside / Downside+258.4%

Net Debt (used)-$168.61M

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

WACC \ Near-term	48.9%	52.9%	56.9%	60.9%	64.9%
7.0%	$164.72	$187.18	$212.09	$239.66	$270.10
8.0%	$129.16	$146.58	$165.91	$187.30	$210.90
9.0%	$104.93	$118.92	$134.44	$151.61	$170.56
10.0%	$87.47	$98.99	$111.77	$125.90	$141.49
11.0%	$74.36	$84.03	$94.75	$106.60	$119.68

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.05

Book Value / share($)Yahoo: $15.70

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$26.48

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.99%

Terminal growth rate(%)

Computed WACC: 10.99%

Cost of equity (Re)11.83%(Rf 4.30% + β 1.37 × 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)92.94%

Debt weight (D/V)7.06%

Results

Current Price$26.48

Implied Near-term FCF Growth28.9%

Historical Revenue Growth1.6%

Historical Earnings Growth56.9%

Base FCF (TTM)$17.24M

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: $0.50

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$10.30

Current Price$26.48

Upside / Downside-61.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$825,000

Target EV/EBITDA multipleCurrent: -1022.4×

Net Debt($B)Default: -$168.61M

Results

Implied Equity Value / share$26.34

Current Price$26.48

Upside / Downside-0.5%

Implied EV$843.49M

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