XNCR — Valuation Models

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

Valuation Summary

Model	Intrinsic Value	vs Price ($12.30)
DCF	$-4.59	-137.3%
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: -$39.17M

Near-term growth (yrs 1–5)(%)Rev: -46.5% / EPS: —

Long-term growth (yrs 6–10)(%)

Terminal growth rate(%)

WACC(%)Computed: 7.95%

Computed WACC: 7.95%

Cost of equity (Re)9.65%(Rf 4.30% + β 0.97 × 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)82.39%

Debt weight (D/V)17.61%

Results

Intrinsic Value / share$-6.46

Current Price$12.30

Upside / Downside-152.6%

Net Debt (used)-$359.99M

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

WACC \ Near-term	-3.0%	1.0%	5.0%	9.0%	13.0%
7.0%	$-4.67	$-6.63	$-8.92	$-11.56	$-14.61
8.0%	$-2.94	$-4.52	$-6.36	$-8.48	$-10.92
9.0%	$-1.74	$-3.06	$-4.59	$-6.35	$-8.37
10.0%	$-0.87	$-1.99	$-3.29	$-4.79	$-6.51
11.0%	$-0.19	$-1.17	$-2.30	$-3.60	$-5.08

2 — Graham Number

Assumptions

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

EPS (trailing)($)Yahoo: $-1.73

Book Value / share($)Yahoo: $8.84

Results

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

Graham Number—

Current Price$12.30

Margin of Safety—

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

3 — Reverse DCF (Implied Growth)

Assumptions

WACC(%)Computed: 7.95%

Terminal growth rate(%)

Computed WACC: 7.95%

Cost of equity (Re)9.65%(Rf 4.30% + β 0.97 × 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)82.39%

Debt weight (D/V)17.61%

Results

Reverse DCF requires positive TTM free cash flow.

Current Price$12.30

Implied Near-term FCF Growth—

Historical Revenue Growth-46.5%

Historical Earnings Growth—

Base FCF (TTM)-$39.17M

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$12.30

Upside / Downside—

Formula: D0 × (1+g) / (r − g)

5 — EV/EBITDA Multiple

Assumptions

EBITDA($B)Yahoo: -$166.99M

Target EV/EBITDA multipleCurrent: -3.2×

Net Debt($B)Default: -$359.99M

Results

Implied Equity Value / share$12.63

Current Price$12.30

Upside / Downside+2.7%

Implied EV$542.05M

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