QBTS — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($18.94)
DCF	$-4.02	-121.2%
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: -$57.99M

Near-term growth (yrs 1–5)(%)Rev: 19.2% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 13.33%

Computed WACC: 13.33%

Cost of equity (Re)13.41%(Rf 4.30% + β 1.66 × 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)99.38%

Debt weight (D/V)0.62%

Results

Intrinsic Value / share$-1.18

Current Price$18.94

Upside / Downside-106.2%

Net Debt (used)-$841.02M

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

WACC \ Near-term	11.2%	15.2%	19.2%	23.2%	27.2%
7.0%	$-4.55	$-5.80	$-7.24	$-8.88	$-10.74
8.0%	$-3.20	$-4.19	$-5.33	$-6.63	$-8.10
9.0%	$-2.27	$-3.08	$-4.02	$-5.08	$-6.28
10.0%	$-1.59	$-2.28	$-3.06	$-3.95	$-4.96
11.0%	$-1.08	$-1.66	$-2.33	$-3.10	$-3.96

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.44

Book Value / share($)Yahoo: $2.38

Results

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

Graham Number—

Current Price$18.94

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 13.33%

Terminal growth rate(%)

Computed WACC: 13.33%

Cost of equity (Re)13.41%(Rf 4.30% + β 1.66 × 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)99.38%

Debt weight (D/V)0.62%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$18.94

Implied Near-term FCF Growth—

Historical Revenue Growth19.2%

Historical Earnings Growth—

Base FCF (TTM)-$57.99M

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$18.94

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$98.81M

Target EV/EBITDA multipleCurrent: -62.4×

Net Debt($B)Default: -$841.02M

Results

Implied Equity Value / share$19.11

Current Price$18.94

Upside / Downside+0.9%

Implied EV$6.17B

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