KPTI — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($9.59)
DCF	$-82.73	-962.7%
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: -$49.43M

Near-term growth (yrs 1–5)(%)Rev: 11.6% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 1.98%

Computed WACC: 1.98%

Cost of equity (Re)5.42%(Rf 4.30% + β 0.20 × 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)36.51%

Debt weight (D/V)63.49%

Results

Intrinsic Value / share—

Current Price$9.59

Upside / Downside—

Net Debt (used)$242.20M

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

WACC \ Near-term	3.6%	7.6%	11.6%	15.6%	19.6%
7.0%	$-85.89	$-99.95	$-116.19	$-134.85	$-156.19
8.0%	$-72.20	$-83.44	$-96.39	$-111.25	$-128.25
9.0%	$-62.76	$-72.04	$-82.73	$-94.99	$-108.99
10.0%	$-55.86	$-63.72	$-72.76	$-83.12	$-94.94
11.0%	$-50.59	$-57.37	$-65.17	$-74.09	$-84.25

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-17.93

Book Value / share($)Yahoo: $-16.00

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$9.59

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 1.98%

Terminal growth rate(%)

Computed WACC: 1.98%

Cost of equity (Re)5.42%(Rf 4.30% + β 0.20 × 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)36.51%

Debt weight (D/V)63.49%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$9.59

Implied Near-term FCF Growth—

Historical Revenue Growth11.6%

Historical Earnings Growth—

Base FCF (TTM)-$49.43M

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$9.59

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$90.41M

Target EV/EBITDA multipleCurrent: -4.6×

Net Debt($B)Default: $242.20M

Results

Implied Equity Value / share$9.59

Current Price$9.59

Upside / Downside+0.0%

Implied EV$418.15M

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