MNR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.02)
DCF	$-79.11	-707.6%
Graham Number	$15.72	+20.7%
Reverse DCF	—	—
DDM	$40.58	+211.7%
EV/EBITDA	$13.02	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$462.45M

Near-term growth (yrs 1–5)(%)Rev: 12.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.78%

Computed WACC: 1.78%

Cost of equity (Re)2.73%(Rf 4.30% + β -0.29 × 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)65.30%

Debt weight (D/V)34.70%

Results

Intrinsic Value / share—

Current Price$13.02

Upside / Downside—

Net Debt (used)$1.11B

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

WACC \ Near-term	4.0%	8.0%	12.0%	16.0%	20.0%
7.0%	$-82.56	$-97.22	$-114.13	$-133.56	$-155.77
8.0%	$-68.22	$-79.92	$-93.40	$-108.88	$-126.56
9.0%	$-58.32	$-67.98	$-79.11	$-91.87	$-106.43
10.0%	$-51.09	$-59.27	$-68.68	$-79.45	$-91.74
11.0%	$-45.58	$-52.63	$-60.74	$-70.01	$-80.57

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.94

Book Value / share($)Yahoo: $11.68

Results

Graham Number$15.72

Current Price$13.02

Margin of Safety+20.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.78%

Terminal growth rate(%)

Computed WACC: 1.78%

Cost of equity (Re)2.73%(Rf 4.30% + β -0.29 × 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)65.30%

Debt weight (D/V)34.70%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.02

Implied Near-term FCF Growth—

Historical Revenue Growth12.0%

Historical Earnings Growth—

Base FCF (TTM)-$462.45M

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: $1.97

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$40.58

Current Price$13.02

Upside / Downside+211.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $558.85M

Target EV/EBITDA multipleCurrent: 5.9×

Net Debt($B)Default: $1.11B

Results

Implied Equity Value / share$13.02

Current Price$13.02

Upside / Downside+0.0%

Implied EV$3.30B

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

Mult \ Net Debt	$1.11B	$1.11B	$1.11B	$1.11B	$1.11B
1.9x	$-0.25	$-0.25	$-0.25	$-0.25	$-0.25
3.9x	$6.38	$6.38	$6.38	$6.38	$6.38
5.9x	$13.02	$13.02	$13.02	$13.02	$13.02
7.9x	$19.66	$19.66	$19.66	$19.66	$19.66
9.9x	$26.29	$26.29	$26.29	$26.29	$26.29

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