MUR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($35.84)
DCF	$23.04	-35.7%
Graham Number	$24.10	-32.8%
Reverse DCF	—	implied g: 10.2%
DDM	$27.40	-23.6%
EV/EBITDA	$35.67	-0.5%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $291.26M

Near-term growth (yrs 1–5)(%)Rev: -8.4% / EPS: -76.2%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.81%

Computed WACC: 5.81%

Cost of equity (Re)8.30%(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)69.91%

Debt weight (D/V)30.09%

Results

Intrinsic Value / share$58.00

Current Price$35.84

Upside / Downside+61.8%

Net Debt (used)$1.82B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$23.35	$30.66	$39.16	$49.00	$60.33
8.0%	$16.92	$22.80	$29.63	$37.53	$46.61
9.0%	$12.47	$17.36	$23.04	$29.60	$37.13
10.0%	$9.19	$13.37	$18.21	$23.79	$30.19
11.0%	$6.69	$10.32	$14.52	$19.35	$24.89

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.72

Book Value / share($)Yahoo: $35.85

Results

Graham Number$24.10

Current Price$35.84

Margin of Safety-32.8%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.81%

Terminal growth rate(%)

Computed WACC: 5.81%

Cost of equity (Re)8.30%(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)69.91%

Debt weight (D/V)30.09%

Results

Current Price$35.84

Implied Near-term FCF Growth-0.7%

Historical Revenue Growth-8.4%

Historical Earnings Growth-76.2%

Base FCF (TTM)$291.26M

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: $1.33

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$27.40

Current Price$35.84

Upside / Downside-23.6%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.44B

Target EV/EBITDA multipleCurrent: 4.8×

Net Debt($B)Default: $1.82B

Results

Implied Equity Value / share$35.67

Current Price$35.84

Upside / Downside-0.5%

Implied EV$6.92B

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

Mult \ Net Debt	$1.82B	$1.82B	$1.82B	$1.82B	$1.82B
0.8x	$-4.69	$-4.69	$-4.69	$-4.69	$-4.69
2.8x	$15.49	$15.49	$15.49	$15.49	$15.49
4.8x	$35.67	$35.67	$35.67	$35.67	$35.67
6.8x	$55.85	$55.85	$55.85	$55.85	$55.85
8.8x	$76.03	$76.03	$76.03	$76.03	$76.03

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