MUSA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($399.75)
DCF	$103.30	-74.2%
Graham Number	$134.95	-66.2%
Reverse DCF	—	implied g: 21.7%
DDM	$51.91	-87.0%
EV/EBITDA	$403.05	+0.8%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $219.89M

Near-term growth (yrs 1–5)(%)Rev: 0.2% / EPS: 8.1%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.61%

Computed WACC: 4.61%

Cost of equity (Re)6.31%(Rf 4.30% + β 0.37 × 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)72.98%

Debt weight (D/V)27.02%

Results

Intrinsic Value / share$647.26

Current Price$399.75

Upside / Downside+61.9%

Net Debt (used)$2.71B

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

WACC \ Near-term	0.1%	4.1%	8.1%	12.1%	16.1%
7.0%	$109.37	$160.06	$218.81	$286.57	$364.37
8.0%	$62.57	$103.21	$150.26	$204.45	$266.61
9.0%	$30.20	$63.91	$102.89	$147.74	$199.13
10.0%	$6.48	$35.14	$68.24	$106.27	$149.80
11.0%	$-11.64	$13.18	$41.80	$74.65	$112.22

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $24.10

Book Value / share($)Yahoo: $33.58

Results

Graham Number$134.95

Current Price$399.75

Margin of Safety-66.2%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.61%

Terminal growth rate(%)

Computed WACC: 4.61%

Cost of equity (Re)6.31%(Rf 4.30% + β 0.37 × 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)72.98%

Debt weight (D/V)27.02%

Results

Current Price$399.75

Implied Near-term FCF Growth2.5%

Historical Revenue Growth0.2%

Historical Earnings Growth8.1%

Base FCF (TTM)$219.89M

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: $2.52

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$51.91

Current Price$399.75

Upside / Downside-87.0%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.02B

Target EV/EBITDA multipleCurrent: 10.0×

Net Debt($B)Default: $2.71B

Results

Implied Equity Value / share$403.05

Current Price$399.75

Upside / Downside+0.8%

Implied EV$10.18B

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

Mult \ Net Debt	$714.10M	$1.71B	$2.71B	$3.71B	$4.71B
6.0x	$290.96	$237.01	$183.06	$129.11	$75.16
8.0x	$400.96	$347.01	$293.06	$239.11	$185.16
10.0x	$510.95	$457.00	$403.05	$349.10	$295.15
12.0x	$620.95	$567.00	$513.05	$459.10	$405.15
14.0x	$730.95	$676.99	$623.04	$569.09	$515.14

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