MRSH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($186.43)
DCF	$174.28	-6.5%
Graham Number	$76.86	-58.8%
Reverse DCF	—	implied g: 9.7%
DDM	$74.16	-60.2%
EV/EBITDA	$186.88	+0.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $4.73B

Near-term growth (yrs 1–5)(%)Rev: 8.7% / EPS: 5.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.74%

Computed WACC: 6.74%

Cost of equity (Re)8.32%(Rf 4.30% + β 0.73 × 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)80.98%

Debt weight (D/V)19.02%

Results

Intrinsic Value / share$293.28

Current Price$186.43

Upside / Downside+57.3%

Net Debt (used)$18.76B

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

WACC \ Near-term	0.7%	4.7%	8.7%	12.7%	16.7%
7.0%	$180.16	$223.37	$273.41	$331.09	$397.27
8.0%	$139.90	$174.52	$214.57	$260.67	$313.51
9.0%	$112.07	$140.77	$173.92	$212.06	$255.71
10.0%	$91.68	$116.06	$144.20	$176.51	$213.48
11.0%	$76.12	$97.21	$121.53	$149.43	$181.30

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.43

Book Value / share($)Yahoo: $31.14

Results

Graham Number$76.86

Current Price$186.43

Margin of Safety-58.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.74%

Terminal growth rate(%)

Computed WACC: 6.74%

Cost of equity (Re)8.32%(Rf 4.30% + β 0.73 × 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)80.98%

Debt weight (D/V)19.02%

Results

Current Price$186.43

Implied Near-term FCF Growth2.5%

Historical Revenue Growth8.7%

Historical Earnings Growth5.7%

Base FCF (TTM)$4.73B

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: $3.60

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$74.16

Current Price$186.43

Upside / Downside-60.2%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $7.83B

Target EV/EBITDA multipleCurrent: 13.9×

Net Debt($B)Default: $18.76B

Results

Implied Equity Value / share$186.88

Current Price$186.43

Upside / Downside+0.2%

Implied EV$109.23B

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

Mult \ Net Debt	$8.76B	$13.76B	$18.76B	$23.76B	$28.76B
9.9x	$142.83	$132.50	$122.18	$111.85	$101.52
11.9x	$175.18	$164.86	$154.53	$144.20	$133.87
13.9x	$207.53	$197.21	$186.88	$176.55	$166.22
15.9x	$239.89	$229.56	$219.23	$208.90	$198.57
17.9x	$272.24	$261.91	$251.58	$241.25	$230.93

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