NEPH — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($3.93)
DCF	$119.25	+2938.1%
Graham Number	$1.72	-56.1%
Reverse DCF	—	implied g: 5.8%
DDM	—	—
EV/EBITDA	$4.08	+3.9%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $2.05M

Near-term growth (yrs 1–5)(%)Rev: 35.4% / EPS: 72.9%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 12.09%

Computed WACC: 12.09%

Cost of equity (Re)12.43%(Rf 4.30% + β 1.48 × 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)97.31%

Debt weight (D/V)2.69%

Results

Intrinsic Value / share$68.58

Current Price$3.93

Upside / Downside+1647.3%

Net Debt (used)-$4.02M

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

WACC \ Near-term	64.9%	68.9%	72.9%	76.9%	80.9%
7.0%	$151.94	$171.10	$192.16	$215.25	$240.52
8.0%	$117.60	$132.39	$148.64	$166.47	$185.97
9.0%	$94.24	$106.06	$119.05	$133.29	$148.88
10.0%	$77.44	$87.13	$97.77	$109.44	$122.21
11.0%	$64.87	$72.96	$81.85	$91.59	$102.24

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $0.14

Book Value / share($)Yahoo: $0.94

Results

Graham Number$1.72

Current Price$3.93

Margin of Safety-56.1%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 12.09%

Terminal growth rate(%)

Computed WACC: 12.09%

Cost of equity (Re)12.43%(Rf 4.30% + β 1.48 × 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)97.31%

Debt weight (D/V)2.69%

Results

Current Price$3.93

Implied Near-term FCF Growth13.1%

Historical Revenue Growth35.4%

Historical Earnings Growth72.9%

Base FCF (TTM)$2.05M

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$3.93

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $1.59M

Target EV/EBITDA multipleCurrent: 24.8×

Net Debt($B)Default: -$4.02M

Results

Implied Equity Value / share$4.08

Current Price$3.93

Upside / Downside+3.9%

Implied EV$39.34M

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

Mult \ Net Debt	-$2.00B	-$1.00B	-$4.02M	$995.98M	$2.00B
20.8x	$191.69	$97.59	$3.48	$-90.62	$-184.72
22.8x	$191.99	$97.88	$3.78	$-90.32	$-184.42
24.8x	$192.29	$98.18	$4.08	$-90.02	$-184.13
26.8x	$192.58	$98.48	$4.38	$-89.72	$-183.83
28.8x	$192.88	$98.78	$4.68	$-89.43	$-183.53

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