ANAB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($52.83)
DCF	$-50563.80	-95810.4%
Graham Number	—	—
Reverse DCF	—	—
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: -$97.65M

Near-term growth (yrs 1–5)(%)Rev: 154.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 5.30%

Computed WACC: 5.30%

Cost of equity (Re)6.54%(Rf 4.30% + β 0.41 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)81.01%

Debt weight (D/V)18.99%

Results

Intrinsic Value / share$-152116.96

Current Price$52.83

Upside / Downside-288036.7%

Net Debt (used)$97.49M

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

WACC \ Near-term	146.3%	150.3%	154.3%	158.3%	162.3%
7.0%	$-71464.59	$-77454.22	$-83838.99	$-90638.14	$-97871.52
8.0%	$-54514.38	$-59082.31	$-63951.55	$-69136.76	$-74653.07
9.0%	$-43045.33	$-46651.33	$-50495.14	$-54588.35	$-58942.90
10.0%	$-34844.43	$-37762.63	$-40873.26	$-44185.68	$-47709.54
11.0%	$-28741.87	$-31148.29	$-33713.36	$-36444.79	$-39350.56

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-2.82

Book Value / share($)Yahoo: $-1.07

Results

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

Graham Number—

Current Price$52.83

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 5.30%

Terminal growth rate(%)

Computed WACC: 5.30%

Cost of equity (Re)6.54%(Rf 4.30% + β 0.41 × ERP 5.50%)

Cost of debt (Rd)0.00%(no debt / unavailable → 0%)

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

Equity weight (E/V)81.01%

Debt weight (D/V)18.99%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$52.83

Implied Near-term FCF Growth—

Historical Revenue Growth154.3%

Historical Earnings Growth—

Base FCF (TTM)-$97.65M

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$52.83

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$28.10M

Target EV/EBITDA multipleCurrent: -57.6×

Net Debt($B)Default: $97.49M

Results

Implied Equity Value / share$54.91

Current Price$52.83

Upside / Downside+3.9%

Implied EV$1.62B

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