NBIX — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($128.50)
DCF	$739.82	+475.7%
Graham Number	$58.44	-54.5%
Reverse DCF	—	implied g: 14.1%
DDM	—	—
EV/EBITDA	$132.38	+3.0%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $397.81M

Near-term growth (yrs 1–5)(%)Rev: 28.3% / EPS: 47.7%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.04%

Computed WACC: 6.04%

Cost of equity (Re)6.26%(Rf 4.30% + β 0.36 × 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)96.47%

Debt weight (D/V)3.53%

Results

Intrinsic Value / share$1544.07

Current Price$128.50

Upside / Downside+1101.6%

Net Debt (used)-$1.01B

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

WACC \ Near-term	39.7%	43.7%	47.7%	51.7%	55.7%
7.0%	$886.47	$1017.15	$1163.06	$1325.53	$1505.91
8.0%	$695.40	$797.15	$910.75	$1037.20	$1177.56
9.0%	$564.98	$647.01	$738.55	$840.44	$953.51
10.0%	$470.82	$538.61	$614.26	$698.42	$791.81
11.0%	$400.02	$457.12	$520.81	$591.66	$670.26

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $4.67

Book Value / share($)Yahoo: $32.50

Results

Graham Number$58.44

Current Price$128.50

Margin of Safety-54.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.04%

Terminal growth rate(%)

Computed WACC: 6.04%

Cost of equity (Re)6.26%(Rf 4.30% + β 0.36 × 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)96.47%

Debt weight (D/V)3.53%

Results

Current Price$128.50

Implied Near-term FCF Growth3.7%

Historical Revenue Growth28.3%

Historical Earnings Growth47.7%

Base FCF (TTM)$397.81M

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$128.50

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $666.60M

Target EV/EBITDA multipleCurrent: 18.4×

Net Debt($B)Default: -$1.01B

Results

Implied Equity Value / share$132.38

Current Price$128.50

Upside / Downside+3.0%

Implied EV$12.28B

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

Mult \ Net Debt	-$1.01B	-$1.01B	-$1.01B	-$1.01B	-$1.01B
14.4x	$105.81	$105.81	$105.81	$105.81	$105.81
16.4x	$119.09	$119.09	$119.09	$119.09	$119.09
18.4x	$132.38	$132.38	$132.38	$132.38	$132.38
20.4x	$145.66	$145.66	$145.66	$145.66	$145.66
22.4x	$158.95	$158.95	$158.95	$158.95	$158.95

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