Discounted Cash Flow

Mediaalpha, Inc.

MAX · Based on 10 years of SEC filings

Average annual growth rates

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Average annual growth is the mean year-over-year change across each period.

Endpoint CAGR (better for long term trend)

Metric 10-Year 5-Year 3-Year
Sales
Free Cash Flow
Average (FCF & NI)
Net Income

Endpoint CAGR is the compound annual rate from the first to last year in each period.

Projections use average year-over-year growth. Change this in Settings.

Projected growth rate

Free cash flow growth
10-year: — 5-year: — 3-year: —
Averaged growth (FCF & NI)
10-year: — 5-year: — 3-year: —
Net income growth
10-year: — 5-year: — 3-year: —
Sales growth (not added to calculations)
10-year: — 5-year: — 3-year: —

Click a greyed-out slider to switch metrics. Slide between the 10-year, 5-year, and 3-year historic growth rates for FCF, net income, or their average.

%
%

Historical inputs (10 fiscal years)

YEAR Sales Net Income Free Cash Flow Net Margin EPS (diluted)
2018 $296.9m $18.1m $22.0m 6.1%
2019 $408.0m (37.4%) $17.8m (-1.7%) $22.0m (-0.1%) 4.4% (-28.5%)
2020 $584.8m (43.3%) $-4.2m (-123.8%) $51.1m (132.4%) -0.7% (-116.6%) $-0.14
2021 $645.3m (10.3%) $-3.2m (24.5%) $28.0m (-45.3%) -0.5% (31.6%) $-0.14 (0.0%)
2022 $459.1m (-28.9%) $-14.8m (-361.9%) $28.2m (0.7%) -3.2% (-549.2%) $-1.73 (-1133.7%)
2023 $388.1m (-15.4%) $-16.1m (-9.2%) $20.2m (-28.5%) -4.2% (-29.1%) $-1.24 (28.2%)
2024 $864.7m (122.8%) $5.5m (134.0%) $45.6m (126.3%) 0.6% (115.3%) $0.42 (133.6%)
2025 $1.1b (28.8%) $1.1m (-79.3%) $65.3m (43.1%) 0.1% (-83.9%) $0.48 (14.1%)

Base FCF: (latest fiscal year)

Discount rate: %

Terminal growth:

Projection period: years

Alt A decline yrs:

Alt B total yrs:

Projected cash flows

Year Projected cash flow Discount Factor Present Value

PV of projected FCF:

Terminal FCF:

Terminal value:

PV of terminal value:

Enterprise value (DCF):

DCF price per share:

Current price:

Alternative DCF Models

Model Fair Value Upside PV(FCFs) PV(Terminal) Total Years
Standard (10yr→TV) 10 + TV
Alt A (Gradual Decline)
Alt B (30yr Hard Stop) N/A

This is a simplified DCF model for illustration. It uses reported free cash flow, a single growth assumption, fixed WACC, and a Gordon Growth terminal value. It is not investment advice.

+ 10YR Financials Balance Sheet (10YR) Cash Flow (10YR) DCF Model