ARWR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($64.33)
DCF	$48904366814377902080.00	+76021089405219815424.0%
Graham Number	$12.20	-81.0%
Reverse DCF	—	implied g: 23.7%
DDM	—	—
EV/EBITDA	$64.29	-0.1%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $170.73M

Near-term growth (yrs 1–5)(%)Rev: 10461.3% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.23%

Computed WACC: 10.23%

Cost of equity (Re)11.02%(Rf 4.30% + β 1.22 × 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)92.81%

Debt weight (D/V)7.19%

Results

Intrinsic Value / share$37179510659186032640.00

Current Price$64.33

Upside / Downside+57794980039151304704.0%

Net Debt (used)-$216.55M

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

WACC \ Near-term	10453.3%	10457.3%	10461.3%	10465.3%	10469.3%
7.0%	$83099959773505716224.00	$83257565409918484480.00	$83415410084906336256.00	$83573494070276325376.00	$83731817638041583616.00
8.0%	$62542319871521071104.00	$62660936320349044736.00	$62779732673319772160.00	$62898709134999429120.00	$63017865910109323264.00
9.0%	$48717141943561265152.00	$48809537850624901120.00	$48902073893450637312.00	$48994750231384637440.00	$49087567023893946368.00
10.0%	$38897473253517279232.00	$38971245383415734272.00	$39045129402617233408.00	$39119125438349328384.00	$39193233617936097280.00
11.0%	$31642754548672516096.00	$31702767531616038912.00	$31762871535529725952.00	$31823066663912103936.00	$31883353020340170752.00

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $1.60

Book Value / share($)Yahoo: $4.14

Results

Graham Number$12.20

Current Price$64.33

Margin of Safety-81.0%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.23%

Terminal growth rate(%)

Computed WACC: 10.23%

Cost of equity (Re)11.02%(Rf 4.30% + β 1.22 × 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)92.81%

Debt weight (D/V)7.19%

Results

Current Price$64.33

Implied Near-term FCF Growth27.5%

Historical Revenue Growth10461.3%

Historical Earnings Growth—

Base FCF (TTM)$170.73M

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$64.33

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $325.65M

Target EV/EBITDA multipleCurrent: 27.0×

Net Debt($B)Default: -$216.55M

Results

Implied Equity Value / share$64.29

Current Price$64.33

Upside / Downside-0.1%

Implied EV$8.79B

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

Mult \ Net Debt	-$2.22B	-$1.22B	-$216.55M	$783.45M	$1.78B
23.0x	$69.27	$62.13	$54.99	$47.85	$40.70
25.0x	$73.92	$66.78	$59.64	$52.50	$45.36
27.0x	$78.57	$71.43	$64.29	$57.15	$50.01
29.0x	$83.22	$76.08	$68.94	$61.80	$54.66
31.0x	$87.87	$80.73	$73.59	$66.45	$59.31

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