MMLP — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($2.92)
DCF	$11.80	+304.0%
Graham Number	—	—
Reverse DCF	—	implied g: -2.8%
DDM	$0.41	-85.9%
EV/EBITDA	$2.95	+1.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $53.38M

Near-term growth (yrs 1–5)(%)Rev: 1.7% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.43%

Computed WACC: 1.43%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × 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)19.31%

Debt weight (D/V)80.69%

Results

Intrinsic Value / share—

Current Price$2.92

Upside / Downside—

Net Debt (used)$476.37M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$12.00	$16.90	$22.59	$29.18	$36.77
8.0%	$7.70	$11.64	$16.21	$21.50	$27.58
9.0%	$4.71	$7.99	$11.80	$16.19	$21.23
10.0%	$2.52	$5.32	$8.56	$12.30	$16.58
11.0%	$0.85	$3.28	$6.09	$9.32	$13.03

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.53

Book Value / share($)Yahoo: $-2.23

Results

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

Graham Number—

Current Price$2.92

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.43%

Terminal growth rate(%)

Computed WACC: 1.43%

Cost of equity (Re)7.40%(Rf 4.30% + β 0.56 × 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)19.31%

Debt weight (D/V)80.69%

Results

Current Price$2.92

Implied Near-term FCF Growth65.0%

Historical Revenue Growth1.7%

Historical Earnings Growth—

Base FCF (TTM)$53.38M

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: $0.02

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$0.41

Current Price$2.92

Upside / Downside-85.9%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $97.06M

Target EV/EBITDA multipleCurrent: 6.1×

Net Debt($B)Default: $476.37M

Results

Implied Equity Value / share$2.95

Current Price$2.92

Upside / Downside+1.0%

Implied EV$591.55M

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

Mult \ Net Debt	-$1.52B	-$523.63M	$476.37M	$1.48B	$2.48B
2.1x	$44.22	$18.61	$-6.99	$-32.60	$-58.20
4.1x	$49.19	$23.58	$-2.02	$-27.63	$-53.23
6.1x	$54.16	$28.55	$2.95	$-22.66	$-48.26
8.1x	$59.13	$33.52	$7.92	$-17.69	$-43.29
10.1x	$64.10	$38.49	$12.89	$-12.72	$-38.32

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