MNKD — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.04)
DCF	$18.39	+506.0%
Graham Number	—	—
Reverse DCF	—	implied g: 16.7%
DDM	—	—
EV/EBITDA	$3.05	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $35.57M

Near-term growth (yrs 1–5)(%)Rev: 45.8% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.26%

Computed WACC: 6.26%

Cost of equity (Re)9.42%(Rf 4.30% + β 0.93 × 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)66.43%

Debt weight (D/V)33.57%

Results

Intrinsic Value / share$36.91

Current Price$3.04

Upside / Downside+1116.2%

Net Debt (used)$299.51M

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

WACC \ Near-term	37.8%	41.8%	45.8%	49.8%	53.8%
7.0%	$22.20	$25.70	$29.61	$33.98	$38.83
8.0%	$17.17	$19.89	$22.95	$26.35	$30.12
9.0%	$13.73	$15.93	$18.39	$21.13	$24.18
10.0%	$11.25	$13.07	$15.10	$17.37	$19.89
11.0%	$9.38	$10.92	$12.63	$14.54	$16.66

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.10

Book Value / share($)Yahoo: $-0.17

Results

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

Graham Number—

Current Price$3.04

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.26%

Terminal growth rate(%)

Computed WACC: 6.26%

Cost of equity (Re)9.42%(Rf 4.30% + β 0.93 × 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)66.43%

Debt weight (D/V)33.57%

Results

Current Price$3.04

Implied Near-term FCF Growth7.0%

Historical Revenue Growth45.8%

Historical Earnings Growth—

Base FCF (TTM)$35.57M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$3.04

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $58.83M

Target EV/EBITDA multipleCurrent: 21.0×

Net Debt($B)Default: $299.51M

Results

Implied Equity Value / share$3.05

Current Price$3.04

Upside / Downside+0.3%

Implied EV$1.23B

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

Mult \ Net Debt	-$1.70B	-$700.49M	$299.51M	$1.30B	$2.30B
17.0x	$8.79	$5.54	$2.28	$-0.98	$-4.23
19.0x	$9.18	$5.92	$2.66	$-0.59	$-3.85
21.0x	$9.56	$6.30	$3.05	$-0.21	$-3.47
23.0x	$9.94	$6.68	$3.43	$0.17	$-3.08
25.0x	$10.32	$7.07	$3.81	$0.55	$-2.70

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