MRTN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($13.51)
DCF	$-6.48	-148.0%
Graham Number	$6.67	-50.6%
Reverse DCF	—	—
DDM	$4.94	-63.4%
EV/EBITDA	$13.51	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$32.55M

Near-term growth (yrs 1–5)(%)Rev: -8.8% / EPS: -42.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.00%

Computed WACC: 9.00%

Cost of equity (Re)9.00%(Rf 4.30% + β 0.85 × 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)99.96%

Debt weight (D/V)0.04%

Results

Intrinsic Value / share$-6.48

Current Price$13.51

Upside / Downside-148.0%

Net Debt (used)-$42.83M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-6.54	$-7.97	$-9.64	$-11.56	$-13.78
8.0%	$-5.29	$-6.44	$-7.77	$-9.32	$-11.09
9.0%	$-4.41	$-5.37	$-6.48	$-7.77	$-9.24
10.0%	$-3.77	$-4.59	$-5.54	$-6.63	$-7.88
11.0%	$-3.28	$-3.99	$-4.82	$-5.76	$-6.84

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.21

Book Value / share($)Yahoo: $9.41

Results

Graham Number$6.67

Current Price$13.51

Margin of Safety-50.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.00%

Terminal growth rate(%)

Computed WACC: 9.00%

Cost of equity (Re)9.00%(Rf 4.30% + β 0.85 × 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)99.96%

Debt weight (D/V)0.04%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$13.51

Implied Near-term FCF Growth—

Historical Revenue Growth-8.8%

Historical Earnings Growth-42.2%

Base FCF (TTM)-$32.55M

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: $0.24

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$4.94

Current Price$13.51

Upside / Downside-63.4%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $122.64M

Target EV/EBITDA multipleCurrent: 8.6×

Net Debt($B)Default: -$42.83M

Results

Implied Equity Value / share$13.51

Current Price$13.51

Upside / Downside+0.0%

Implied EV$1.06B

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

Mult \ Net Debt	-$2.04B	-$1.04B	-$42.83M	$957.17M	$1.96B
4.6x	$32.02	$19.76	$7.49	$-4.77	$-17.03
6.6x	$35.03	$22.77	$10.50	$-1.76	$-14.02
8.6x	$38.04	$25.77	$13.51	$1.25	$-11.02
10.6x	$41.05	$28.78	$16.52	$4.26	$-8.01
12.6x	$44.05	$31.79	$19.53	$7.26	$-5.00

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