INCY — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($100.04)
DCF	$475.25	+375.1%
Graham Number	$61.28	-38.7%
Reverse DCF	—	implied g: 12.3%
DDM	—	—
EV/EBITDA	$100.04	-0.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $609.55M

Near-term growth (yrs 1–5)(%)Rev: 27.8% / EPS: 43.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 8.92%

Computed WACC: 8.92%

Cost of equity (Re)8.94%(Rf 4.30% + β 0.84 × 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)99.72%

Debt weight (D/V)0.28%

Results

Intrinsic Value / share$482.52

Current Price$100.04

Upside / Downside+382.3%

Net Debt (used)-$3.53B

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

WACC \ Near-term	35.6%	39.6%	43.6%	47.6%	51.6%
7.0%	$561.59	$645.04	$738.53	$842.91	$959.14
8.0%	$444.08	$509.19	$582.09	$663.48	$754.08
9.0%	$363.81	$416.39	$475.25	$540.94	$614.05
10.0%	$305.81	$349.34	$398.07	$452.43	$512.91
11.0%	$262.15	$298.89	$339.99	$385.83	$436.82

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $6.41

Book Value / share($)Yahoo: $26.04

Results

Graham Number$61.28

Current Price$100.04

Margin of Safety-38.7%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 8.92%

Terminal growth rate(%)

Computed WACC: 8.92%

Cost of equity (Re)8.94%(Rf 4.30% + β 0.84 × 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)99.72%

Debt weight (D/V)0.28%

Results

Current Price$100.04

Implied Near-term FCF Growth12.1%

Historical Revenue Growth27.8%

Historical Earnings Growth43.6%

Base FCF (TTM)$609.55M

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$100.04

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.44B

Target EV/EBITDA multipleCurrent: 11.4×

Net Debt($B)Default: -$3.53B

Results

Implied Equity Value / share$100.04

Current Price$100.04

Upside / Downside-0.0%

Implied EV$16.38B

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

Mult \ Net Debt	-$5.53B	-$4.53B	-$3.53B	-$2.53B	-$1.53B
7.4x	$81.15	$76.12	$71.10	$66.07	$61.05
9.4x	$95.62	$90.59	$85.57	$80.54	$75.52
11.4x	$110.09	$105.06	$100.04	$95.01	$89.99
13.4x	$124.56	$119.53	$114.51	$109.48	$104.46
15.4x	$139.02	$134.00	$128.98	$123.95	$118.93

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