MU — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($412.37)
DCF	$11139.79	+2601.4%
Graham Number	$111.18	-73.0%
Reverse DCF	—	implied g: 85.0%
DDM	$9.48	-97.7%
EV/EBITDA	$412.36	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $444.25M

Near-term growth (yrs 1–5)(%)Rev: 56.7% / EPS: 175.4%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.45%

Computed WACC: 12.45%

Cost of equity (Re)12.78%(Rf 4.30% + β 1.54 × 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)97.38%

Debt weight (D/V)2.62%

Results

Intrinsic Value / share$5735.69

Current Price$412.37

Upside / Downside+1290.9%

Net Debt (used)$2.17B

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

WACC \ Near-term	167.4%	171.4%	175.4%	179.4%	183.4%
7.0%	$16015.83	$17249.63	$18558.33	$19945.28	$21413.94
8.0%	$12196.47	$13135.95	$14132.45	$15188.53	$16306.83
9.0%	$9613.91	$10354.38	$11139.79	$11972.15	$12853.54
10.0%	$7768.63	$8366.90	$9001.48	$9674.00	$10386.12
11.0%	$6396.59	$6889.14	$7411.58	$7965.25	$8551.52

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $10.52

Book Value / share($)Yahoo: $52.23

Results

Graham Number$111.18

Current Price$412.37

Margin of Safety-73.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.45%

Terminal growth rate(%)

Computed WACC: 12.45%

Cost of equity (Re)12.78%(Rf 4.30% + β 1.54 × 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)97.38%

Debt weight (D/V)2.62%

Results

Current Price$412.37

Implied Near-term FCF Growth100.2%

Historical Revenue Growth56.7%

Historical Earnings Growth175.4%

Base FCF (TTM)$444.25M

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: $0.46

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$9.48

Current Price$412.37

Upside / Downside-97.7%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $22.23B

Target EV/EBITDA multipleCurrent: 21.0×

Net Debt($B)Default: $2.17B

Results

Implied Equity Value / share$412.36

Current Price$412.37

Upside / Downside-0.0%

Implied EV$466.29B

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

Mult \ Net Debt	$175.00M	$1.17B	$2.17B	$3.17B	$4.17B
17.0x	$335.12	$334.23	$333.34	$332.45	$331.57
19.0x	$374.63	$373.74	$372.85	$371.96	$371.08
21.0x	$414.14	$413.25	$412.36	$411.47	$410.58
23.0x	$453.65	$452.76	$451.87	$450.98	$450.09
25.0x	$493.16	$492.27	$491.38	$490.49	$489.60

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