Intrinsic Valuation of M_M
	M_M Free Cash Flow Average and Growth over past 5Y					Key Statistics
	Year		FCF	FCF Growth
	2021		$41,948,500,000	-65.38%		EPS (FY)	58.96		Market Cap	1537B
	2020		$121,177,900,000	253.72%		P/E Ratio	20.88		Total Asset	1741B
	2019		($78,830,100,000)	32.22%		Net Income	66B		Total Debt	776B
	2018		($116,304,800,000)	-124.75%		EBITDA	147B		Total Liab	1173B
	2017		($51,749,500,000)	-13.50%		Opr Margin	0.1239		Debt/Equity	1.37
	2016		($45,593,100,000)			PreTax Margin	0.0832		BV/Share	423.71
	5Y Average FCF		($16,751,600,000)	16.46%
						Overall Market Assumptions:
	Assumptions:					P/E for No-Growth Company:			7.00
	Perpetual Growth Rate (g):	2.50%				Historical US Bond Yield:			4.40%
	Discount Rete (WACC):	6.14%				Current US Bond Yield:			1.48%
	Forcasting Future Free Cash Flow for next 6Y					Modified Benjamin Graham's Intrinsic Value
	Year		FCF Projection
	2022		$48,854,068,284			MBG Intrinsic Value			$1,237.79
	2023		$56,896,432,242
	2024		$66,262,731,346
	2025		$77,170,911,996
	2026		$89,874,798,961
	2027		$104,670,001,679
	Terminal Value		$2,951,436,447,998			Net Worth/Share			$511.50
	DCF Valuation			DCF Valuation "What If" Scenario Table
	Enterprise Value	$2,298,192,823,286				Growth Rate
	(+) Cash & Cash Equivalents	$219,674,900,000			1567.87	1.50%	2.00%	2.50%	3.00%	3.50%
	(-) Total Debt	$776,052,100,000		WACC	6.04%	1215.0	1395.6	1627.3	1935.2	2364.3
	Equity Value	$1,741,815,623,286			6.09%	1194.6	1370.6	1595.6	1893.5	2306.3
	Shares Outstanding	1110943402			6.14%	1174.7	1346.2	1564.9	1853.1	2250.6
					6.64%	997.4	1131.7	1298.4	1511.0	1791.2
	DCF Intrinsic Value	$1,567.87			7.14%	852.0	959.4	1090.0	1252.1	1458.8
© Swarnadeep Seth (2022)