MSEX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($54.55)
DCF	$-50.78	-193.1%
Graham Number	$37.63	-31.0%
Reverse DCF	—	—
DDM	$28.84	-47.1%
EV/EBITDA	$54.62	+0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$29.95M

Near-term growth (yrs 1–5)(%)Rev: -0.3% / EPS: -4.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.41%

Computed WACC: 6.41%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.86 × 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)70.77%

Debt weight (D/V)29.23%

Results

Intrinsic Value / share$-69.82

Current Price$54.55

Upside / Downside-228.0%

Net Debt (used)$414.61M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-51.02	$-56.81	$-63.55	$-71.35	$-80.33
8.0%	$-45.93	$-50.59	$-56.00	$-62.26	$-69.46
9.0%	$-42.39	$-46.28	$-50.78	$-55.97	$-61.94
10.0%	$-39.80	$-43.11	$-46.95	$-51.37	$-56.44
11.0%	$-37.82	$-40.69	$-44.02	$-47.85	$-52.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $2.36

Book Value / share($)Yahoo: $26.67

Results

Graham Number$37.63

Current Price$54.55

Margin of Safety-31.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.41%

Terminal growth rate(%)

Computed WACC: 6.41%

Cost of equity (Re)9.06%(Rf 4.30% + β 0.86 × 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)70.77%

Debt weight (D/V)29.23%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$54.55

Implied Near-term FCF Growth—

Historical Revenue Growth-0.3%

Historical Earnings Growth-4.7%

Base FCF (TTM)-$29.95M

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: $1.40

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$28.84

Current Price$54.55

Upside / Downside-47.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $91.54M

Target EV/EBITDA multipleCurrent: 15.6×

Net Debt($B)Default: $414.61M

Results

Implied Equity Value / share$54.62

Current Price$54.55

Upside / Downside+0.1%

Implied EV$1.43B

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

Mult \ Net Debt	-$1.59B	-$585.39M	$414.61M	$1.41B	$2.41B
11.6x	$142.83	$88.84	$34.85	$-19.14	$-73.13
13.6x	$152.72	$98.73	$44.74	$-9.25	$-63.24
15.6x	$162.60	$108.61	$54.62	$0.63	$-53.36
17.6x	$172.48	$118.49	$64.50	$10.51	$-43.48
19.6x	$182.37	$128.38	$74.39	$20.40	$-33.59

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