MMS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($73.87)
DCF	$32142.93	+43412.8%
Graham Number	$67.22	-9.0%
Reverse DCF	—	implied g: 16.9%
DDM	$27.19	-63.2%
EV/EBITDA	$73.88	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $159.17M

Near-term growth (yrs 1–5)(%)Rev: -4.1% / EPS: 146.5%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.18%

Computed WACC: 5.18%

Cost of equity (Re)7.34%(Rf 4.30% + β 0.55 × 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)70.68%

Debt weight (D/V)29.32%

Results

Intrinsic Value / share$101986.69

Current Price$73.87

Upside / Downside+137962.4%

Net Debt (used)$1.53B

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

WACC \ Near-term	138.5%	142.5%	146.5%	150.5%	154.5%
7.0%	$45271.16	$49195.76	$53387.84	$57860.86	$62628.70
8.0%	$34550.52	$37545.54	$40744.65	$44158.12	$47796.54
9.0%	$27294.55	$29660.44	$32187.53	$34883.90	$37757.94
10.0%	$22104.60	$24020.52	$26066.94	$28250.44	$30577.77
11.0%	$18241.29	$19822.28	$21510.94	$23312.67	$25233.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.37

Book Value / share($)Yahoo: $31.53

Results

Graham Number$67.22

Current Price$73.87

Margin of Safety-9.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.18%

Terminal growth rate(%)

Computed WACC: 5.18%

Cost of equity (Re)7.34%(Rf 4.30% + β 0.55 × 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)70.68%

Debt weight (D/V)29.32%

Results

Current Price$73.87

Implied Near-term FCF Growth1.9%

Historical Revenue Growth-4.1%

Historical Earnings Growth146.5%

Base FCF (TTM)$159.17M

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: $1.32

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.19

Current Price$73.87

Upside / Downside-63.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $700.93M

Target EV/EBITDA multipleCurrent: 7.9×

Net Debt($B)Default: $1.53B

Results

Implied Equity Value / share$73.88

Current Price$73.87

Upside / Downside+0.0%

Implied EV$5.56B

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

Mult \ Net Debt	$1.53B	$1.53B	$1.53B	$1.53B	$1.53B
3.9x	$22.48	$22.48	$22.48	$22.48	$22.48
5.9x	$48.18	$48.18	$48.18	$48.18	$48.18
7.9x	$73.88	$73.88	$73.88	$73.88	$73.88
9.9x	$99.57	$99.57	$99.57	$99.57	$99.57
11.9x	$125.27	$125.27	$125.27	$125.27	$125.27

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