ADPT — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($16.12)
DCF	$1.45	-91.0%
Graham Number	—	—
Reverse DCF	—	implied g: 107.0%
DDM	—	—
EV/EBITDA	—	—

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $950,875

Near-term growth (yrs 1–5)(%)Rev: 51.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 16.19%

Computed WACC: 16.19%

Cost of equity (Re)16.96%(Rf 4.30% + β 2.30 × ERP 5.50%)

Cost of debt (Rd)9.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.18%

Debt weight (D/V)7.82%

Results

Intrinsic Value / share$0.58

Current Price$16.12

Upside / Downside-96.4%

Net Debt (used)-$16.62M

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

WACC \ Near-term	43.0%	47.0%	51.0%	55.0%	59.0%
7.0%	$1.74	$1.98	$2.24	$2.54	$2.86
8.0%	$1.38	$1.57	$1.77	$2.00	$2.25
9.0%	$1.14	$1.29	$1.45	$1.64	$1.84
10.0%	$0.96	$1.08	$1.22	$1.37	$1.54
11.0%	$0.83	$0.93	$1.05	$1.17	$1.32

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-0.39

Book Value / share($)Yahoo: $1.42

Results

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

Graham Number—

Current Price$16.12

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 16.19%

Terminal growth rate(%)

Computed WACC: 16.19%

Cost of equity (Re)16.96%(Rf 4.30% + β 2.30 × ERP 5.50%)

Cost of debt (Rd)9.10%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)92.18%

Debt weight (D/V)7.82%

Results

Current Price$16.12

Implied Near-term FCF Growth139.5%

Historical Revenue Growth51.0%

Historical Earnings Growth—

Base FCF (TTM)$950,875

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$16.12

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$39.29M

Target EV/EBITDA multipleCurrent: -62.9×

Net Debt($B)Default: -$16.62M

Results

Implied Equity Value / share$16.18

Current Price$16.12

Upside / Downside+0.4%

Implied EV$2.47B

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