BIIB — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($188.05)
DCF	$217.72	+15.8%
Graham Number	$156.74	-16.6%
Reverse DCF	—	implied g: 2.7%
DDM	—	—
EV/EBITDA	$188.05	+0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $1.98B

Near-term growth (yrs 1–5)(%)Rev: -7.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.76%

Computed WACC: 4.76%

Cost of equity (Re)5.10%(Rf 4.30% + β 0.14 × ERP 5.50%)

Cost of debt (Rd)4.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.56%

Debt weight (D/V)19.44%

Results

Intrinsic Value / share$668.15

Current Price$188.05

Upside / Downside+255.3%

Net Debt (used)$2.84B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$219.76	$268.12	$324.37	$389.48	$464.48
8.0%	$177.21	$216.13	$261.34	$313.60	$373.72
9.0%	$147.73	$180.13	$217.72	$261.11	$310.97
10.0%	$126.08	$153.73	$185.75	$222.66	$265.03
11.0%	$109.51	$133.53	$161.31	$193.29	$229.95

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $8.78

Book Value / share($)Yahoo: $124.36

Results

Graham Number$156.74

Current Price$188.05

Margin of Safety-16.6%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.76%

Terminal growth rate(%)

Computed WACC: 4.76%

Cost of equity (Re)5.10%(Rf 4.30% + β 0.14 × ERP 5.50%)

Cost of debt (Rd)4.25%(interest expense ÷ avg debt (SEC))

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

Equity weight (E/V)80.56%

Debt weight (D/V)19.44%

Results

Current Price$188.05

Implied Near-term FCF Growth-12.2%

Historical Revenue Growth-7.1%

Historical Earnings Growth—

Base FCF (TTM)$1.98B

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$188.05

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $3.60B

Target EV/EBITDA multipleCurrent: 8.4×

Net Debt($B)Default: $2.84B

Results

Implied Equity Value / share$188.05

Current Price$188.05

Upside / Downside+0.0%

Implied EV$30.44B

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

Mult \ Net Debt	$841.90M	$1.84B	$2.84B	$3.84B	$4.84B
4.4x	$103.46	$96.65	$89.83	$83.02	$76.21
6.4x	$152.57	$145.76	$138.94	$132.13	$125.32
8.4x	$201.68	$194.87	$188.05	$181.24	$174.43
10.4x	$250.79	$243.98	$237.16	$230.35	$223.54
12.4x	$299.90	$293.09	$286.28	$279.46	$272.65

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