MWA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($29.69)
DCF	$46.89	+57.9%
Graham Number	$13.64	-54.1%
Reverse DCF	—	implied g: 14.6%
DDM	$5.56	-81.3%
EV/EBITDA	$29.69	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $150.78M

Near-term growth (yrs 1–5)(%)Rev: 4.6% / EPS: 22.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.08%

Computed WACC: 10.08%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.12%

Debt weight (D/V)8.88%

Results

Intrinsic Value / share$39.08

Current Price$29.69

Upside / Downside+31.6%

Net Debt (used)-$7.30M

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

WACC \ Near-term	14.7%	18.7%	22.7%	26.7%	30.7%
7.0%	$51.56	$60.76	$71.26	$83.18	$96.69
8.0%	$41.20	$48.47	$56.76	$66.18	$76.83
9.0%	$34.08	$40.03	$46.81	$54.50	$63.20
10.0%	$28.90	$33.89	$39.57	$46.01	$53.29
11.0%	$24.98	$29.24	$34.09	$39.59	$45.80

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.27

Book Value / share($)Yahoo: $6.51

Results

Graham Number$13.64

Current Price$29.69

Margin of Safety-54.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.08%

Terminal growth rate(%)

Computed WACC: 10.08%

Cost of equity (Re)10.72%(Rf 4.30% + β 1.17 × ERP 5.50%)

Cost of debt (Rd)4.45%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)91.12%

Debt weight (D/V)8.88%

Results

Current Price$29.69

Implied Near-term FCF Growth17.7%

Historical Revenue Growth4.6%

Historical Earnings Growth22.7%

Base FCF (TTM)$150.78M

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: $0.27

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$5.56

Current Price$29.69

Upside / Downside-81.3%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $327.00M

Target EV/EBITDA multipleCurrent: 14.2×

Net Debt($B)Default: -$7.30M

Results

Implied Equity Value / share$29.69

Current Price$29.69

Upside / Downside+0.0%

Implied EV$4.64B

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

Mult \ Net Debt	-$2.01B	-$1.01B	-$7.30M	$992.70M	$1.99B
10.2x	$34.12	$27.72	$21.33	$14.93	$8.54
12.2x	$38.30	$31.90	$25.51	$19.11	$12.72
14.2x	$42.48	$36.09	$29.69	$23.30	$16.90
16.2x	$46.66	$40.27	$33.87	$27.48	$21.08
18.2x	$50.84	$44.45	$38.05	$31.66	$25.27

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