MUX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($28.41)
DCF	$-8.39	-129.5%
Graham Number	—	—
Reverse DCF	—	—
DDM	—	—
EV/EBITDA	$26.14	-8.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: -$25.33M

Near-term growth (yrs 1–5)(%)Rev: -3.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.27%

Computed WACC: 10.27%

Cost of equity (Re)10.60%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)7.58%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)92.94%

Debt weight (D/V)7.06%

Results

Intrinsic Value / share$-7.15

Current Price$28.41

Upside / Downside-125.2%

Net Debt (used)$52.30M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-8.46	$-9.99	$-11.77	$-13.83	$-16.21
8.0%	$-7.11	$-8.34	$-9.77	$-11.43	$-13.33
9.0%	$-6.18	$-7.20	$-8.39	$-9.77	$-11.35
10.0%	$-5.49	$-6.37	$-7.38	$-8.55	$-9.89
11.0%	$-4.97	$-5.73	$-6.61	$-7.62	$-8.78

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.23

Book Value / share($)Yahoo: $8.97

Results

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

Graham Number—

Current Price$28.41

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.27%

Terminal growth rate(%)

Computed WACC: 10.27%

Cost of equity (Re)10.60%(Rf 4.30% + β 1.15 × ERP 5.50%)

Cost of debt (Rd)7.58%(interest expense ÷ avg debt (SEC))

Tax rate (T)21.00%(US statutory fallback)

Equity weight (E/V)92.94%

Debt weight (D/V)7.06%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$28.41

Implied Near-term FCF Growth—

Historical Revenue Growth-3.3%

Historical Earnings Growth—

Base FCF (TTM)-$25.33M

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: —

Dividend growth rate (g)(%)

Required return (r)(%)

Results

This company does not pay a dividend. DDM is not applicable — the intrinsic value shown uses D0 = $0 unless you enter a hypothetical dividend above.

DDM Intrinsic Value / share—

Current Price$28.41

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $16.88M

Target EV/EBITDA multipleCurrent: 94.8×

Net Debt($B)Default: $52.30M

Results

Implied Equity Value / share$26.14

Current Price$28.41

Upside / Downside-8.0%

Implied EV$1.60B

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

Mult \ Net Debt	-$1.95B	-$947.70M	$52.30M	$1.05B	$2.05B
90.8x	$58.77	$41.88	$25.00	$8.11	$-8.78
92.8x	$59.34	$42.45	$25.57	$8.68	$-8.21
94.8x	$59.91	$43.02	$26.14	$9.25	$-7.64
96.8x	$60.48	$43.59	$26.71	$9.82	$-7.07
98.8x	$61.05	$44.16	$27.28	$10.39	$-6.50

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