MSCI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($573.88)
DCF	$306.65	-46.6%
Graham Number	—	—
Reverse DCF	—	implied g: 19.8%
DDM	$168.92	-70.6%
EV/EBITDA	$571.82	-0.4%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.16B

Near-term growth (yrs 1–5)(%)Rev: 10.6% / EPS: -2.3%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 9.89%

Computed WACC: 9.89%

Cost of equity (Re)11.35%(Rf 4.30% + β 1.28 × 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)87.18%

Debt weight (D/V)12.82%

Results

Intrinsic Value / share$257.06

Current Price$573.88

Upside / Downside-55.2%

Net Debt (used)$5.83B

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

WACC \ Near-term	2.6%	6.6%	10.6%	14.6%	18.6%
7.0%	$322.07	$400.28	$490.67	$594.65	$713.70
8.0%	$247.09	$309.61	$381.78	$464.72	$559.60
9.0%	$195.30	$247.02	$306.65	$375.11	$453.35
10.0%	$157.42	$201.26	$251.76	$309.66	$375.78
11.0%	$128.53	$166.39	$209.95	$259.84	$316.76

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $15.67

Book Value / share($)Yahoo: $-36.09

Results

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

Graham Number—

Current Price$573.88

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 9.89%

Terminal growth rate(%)

Computed WACC: 9.89%

Cost of equity (Re)11.35%(Rf 4.30% + β 1.28 × 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)87.18%

Debt weight (D/V)12.82%

Results

Current Price$573.88

Implied Near-term FCF Growth22.4%

Historical Revenue Growth10.6%

Historical Earnings Growth-2.3%

Base FCF (TTM)$1.16B

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: $8.20

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$168.92

Current Price$573.88

Upside / Downside-70.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.82B

Target EV/EBITDA multipleCurrent: 26.2×

Net Debt($B)Default: $5.83B

Results

Implied Equity Value / share$571.82

Current Price$573.88

Upside / Downside-0.4%

Implied EV$47.84B

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

Mult \ Net Debt	$3.83B	$4.83B	$5.83B	$6.83B	$7.83B
22.2x	$499.73	$486.12	$472.51	$458.90	$445.29
24.2x	$549.39	$535.78	$522.17	$508.56	$494.95
26.2x	$599.04	$585.43	$571.82	$558.21	$544.60
28.2x	$648.69	$635.08	$621.47	$607.86	$594.25
30.2x	$698.35	$684.74	$671.13	$657.52	$643.90

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