MPC — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($209.82)
DCF	$20027036.34	+9544765.3%
Graham Number	$132.13	-37.0%
Reverse DCF	—	implied g: 16.4%
DDM	$78.69	-62.5%
EV/EBITDA	$220.99	+5.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.73B

Near-term growth (yrs 1–5)(%)Rev: -0.5% / EPS: 350.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.60%

Computed WACC: 6.60%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.65%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.74%

Debt weight (D/V)35.26%

Results

Intrinsic Value / share$38211537.11

Current Price$209.82

Upside / Downside+18211480.0%

Net Debt (used)$30.69B

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

WACC \ Near-term	342.7%	346.7%	350.7%	354.7%	358.7%
7.0%	$30850546.77	$32269668.06	$33740539.01	$35264562.22	$36843165.40
8.0%	$23352120.29	$24426306.87	$25539664.44	$26693254.68	$27888158.25
9.0%	$18295259.01	$19136825.58	$20009080.24	$20912854.75	$21848995.73
10.0%	$14692538.24	$15368376.84	$16068859.99	$16794655.62	$17546443.64
11.0%	$12022166.94	$12575166.64	$13148331.37	$13742207.66	$14357351.83

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $13.22

Book Value / share($)Yahoo: $58.69

Results

Graham Number$132.13

Current Price$209.82

Margin of Safety-37.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.60%

Terminal growth rate(%)

Computed WACC: 6.60%

Cost of equity (Re)8.19%(Rf 4.30% + β 0.71 × ERP 5.50%)

Cost of debt (Rd)4.65%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)64.74%

Debt weight (D/V)35.26%

Results

Current Price$209.82

Implied Near-term FCF Growth8.1%

Historical Revenue Growth-0.5%

Historical Earnings Growth350.7%

Base FCF (TTM)$2.73B

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: $3.82

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$78.69

Current Price$209.82

Upside / Downside-62.5%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $9.72B

Target EV/EBITDA multipleCurrent: 9.9×

Net Debt($B)Default: $30.69B

Results

Implied Equity Value / share$220.99

Current Price$209.82

Upside / Downside+5.3%

Implied EV$95.88B

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

Mult \ Net Debt	$14.69B	$22.69B	$30.69B	$38.69B	$46.69B
5.9x	$143.38	$116.26	$89.14	$62.02	$34.90
7.9x	$209.30	$182.19	$155.07	$127.95	$100.83
9.9x	$275.23	$248.11	$220.99	$193.87	$166.75
11.9x	$341.15	$314.04	$286.92	$259.80	$232.68
13.9x	$407.08	$379.96	$352.84	$325.72	$298.61

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