KNSA — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($45.80)
DCF	$935.18	+1941.7%
Graham Number	$8.68	-81.1%
Reverse DCF	—	implied g: 4.5%
DDM	—	—
EV/EBITDA	$77.96	+70.2%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $97.89M

Near-term growth (yrs 1–5)(%)Rev: 65.0% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 4.79%

Computed WACC: 4.79%

Cost of equity (Re)4.80%(Rf 4.30% + β 0.09 × 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)99.73%

Debt weight (D/V)0.27%

Results

Intrinsic Value / share$3319.46

Current Price$45.80

Upside / Downside+7146.9%

Net Debt (used)-$404.58M

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

WACC \ Near-term	57.0%	61.0%	65.0%	69.0%	73.0%
7.0%	$1172.63	$1327.23	$1497.88	$1685.83	$1892.35
8.0%	$911.44	$1031.05	$1163.08	$1308.46	$1468.19
9.0%	$733.63	$829.44	$935.18	$1051.60	$1179.49
10.0%	$605.64	$684.32	$771.14	$866.72	$971.71
11.0%	$509.71	$575.56	$648.21	$728.18	$816.01

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.45

Book Value / share($)Yahoo: $7.44

Results

Graham Number$8.68

Current Price$45.80

Margin of Safety-81.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 4.79%

Terminal growth rate(%)

Computed WACC: 4.79%

Cost of equity (Re)4.80%(Rf 4.30% + β 0.09 × 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)99.73%

Debt weight (D/V)0.27%

Results

Current Price$45.80

Implied Near-term FCF Growth-10.7%

Historical Revenue Growth65.0%

Historical Earnings Growth—

Base FCF (TTM)$97.89M

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$45.80

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $78.78M

Target EV/EBITDA multipleCurrent: 39.6×

Net Debt($B)Default: -$404.58M

Results

Implied Equity Value / share$77.96

Current Price$45.80

Upside / Downside+70.2%

Implied EV$3.12B

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

Mult \ Net Debt	-$2.40B	-$1.40B	-$404.58M	$595.42M	$1.60B
35.6x	$115.27	$93.12	$70.98	$48.84	$26.69
37.6x	$118.75	$96.61	$74.47	$52.33	$30.18
39.6x	$122.24	$100.10	$77.96	$55.81	$33.67
41.6x	$125.73	$103.59	$81.45	$59.30	$37.16
43.6x	$129.22	$107.08	$84.93	$62.79	$40.65

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