NKTR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($68.36)
DCF	$-32.14	-147.0%
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: -$57.10M

Near-term growth (yrs 1–5)(%)Rev: -51.1% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 10.18%

Computed WACC: 10.18%

Cost of equity (Re)11.07%(Rf 4.30% + β 1.23 × 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)91.97%

Debt weight (D/V)8.03%

Results

Intrinsic Value / share$-26.58

Current Price$68.36

Upside / Downside-138.9%

Net Debt (used)-$103.13M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-32.45	$-39.76	$-48.26	$-58.10	$-69.43
8.0%	$-26.02	$-31.90	$-38.74	$-46.63	$-55.72
9.0%	$-21.57	$-26.46	$-32.14	$-38.70	$-46.24
10.0%	$-18.29	$-22.47	$-27.31	$-32.89	$-39.29
11.0%	$-15.79	$-19.42	$-23.62	$-28.45	$-33.99

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-9.83

Book Value / share($)Yahoo: $4.33

Results

Graham Number requires positive EPS and positive Book Value per share. EPS is zero or negative.

Graham Number—

Current Price$68.36

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 10.18%

Terminal growth rate(%)

Computed WACC: 10.18%

Cost of equity (Re)11.07%(Rf 4.30% + β 1.23 × 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)91.97%

Debt weight (D/V)8.03%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$68.36

Implied Near-term FCF Growth—

Historical Revenue Growth-51.1%

Historical Earnings Growth—

Base FCF (TTM)-$57.10M

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$68.36

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$135.20M

Target EV/EBITDA multipleCurrent: -9.5×

Net Debt($B)Default: -$103.13M

Results

Implied Equity Value / share$49.70

Current Price$68.36

Upside / Downside-27.3%

Implied EV$1.29B

← Overview Financial Statements ← Companies