REGN — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($778.64)
DCF	$604.77	-22.3%
Graham Number	$533.48	-31.5%
Reverse DCF	—	implied g: 9.7%
DDM	$77.46	-90.1%
EV/EBITDA	$781.03	+0.3%

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

1 — Discounted Cash Flow (DCF)

Assumptions

Base FCF($B)Yahoo: $3.26B

Near-term growth (yrs 1–5)(%)Rev: 2.5% / EPS: -2.6%

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 6.26%

Computed WACC: 6.26%

Cost of equity (Re)6.48%(Rf 4.30% + β 0.40 × 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)96.51%

Debt weight (D/V)3.49%

Results

Intrinsic Value / share$1010.91

Current Price$778.64

Upside / Downside+29.8%

Net Debt (used)-$5.63B

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$609.50	$721.79	$852.43	$1003.63	$1177.78
8.0%	$510.69	$601.08	$706.06	$827.42	$967.02
9.0%	$442.22	$517.48	$604.77	$705.53	$821.31
10.0%	$391.96	$456.16	$530.52	$616.24	$714.62
11.0%	$353.48	$409.26	$473.77	$548.03	$633.17

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $41.52

Book Value / share($)Yahoo: $304.65

Results

Graham Number$533.48

Current Price$778.64

Margin of Safety-31.5%

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 6.26%

Terminal growth rate(%)

Computed WACC: 6.26%

Cost of equity (Re)6.48%(Rf 4.30% + β 0.40 × 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)96.51%

Debt weight (D/V)3.49%

Results

Current Price$778.64

Implied Near-term FCF Growth0.7%

Historical Revenue Growth2.5%

Historical Earnings Growth-2.6%

Base FCF (TTM)$3.26B

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: $3.76

Dividend growth rate (g)(%)

Required return (r)(%)

Results

DDM Intrinsic Value / share$77.46

Current Price$778.64

Upside / Downside-90.1%

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: $4.25B

Target EV/EBITDA multipleCurrent: 17.8×

Net Debt($B)Default: -$5.63B

Results

Implied Equity Value / share$781.03

Current Price$778.64

Upside / Downside+0.3%

Implied EV$75.52B

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

Mult \ Net Debt	-$7.63B	-$6.63B	-$5.63B	-$4.63B	-$3.63B
13.8x	$636.83	$627.20	$617.58	$607.95	$598.33
15.8x	$718.55	$708.93	$699.30	$689.68	$680.05
17.8x	$800.28	$790.65	$781.03	$771.40	$761.78
19.8x	$882.00	$872.38	$862.75	$853.13	$843.50
21.8x	$963.72	$954.10	$944.48	$934.85	$925.23

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