AnaptysBio stock: fair value
ANABThe fair value of AnaptysBio under our model is $60.30, the price is 21% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Modestly undervaluedIn our model the price counts as cheap below $40.20 and expensive above $120.59 (uncertainty very high, based on the price swings of the past year).
The two parts of the fair value come to $10.40 (cash-flow model) and $110.19 (industry comparison), and the gap between them shows how uncertain the estimate is.
Calculated with a cost of equity of 9.9%. At 10.9% the fair value would be $59.55, at 8.9% it would be $61.33.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (21.7).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 9.9% (government bond yield 3.8% plus beta 1.36 times a risk premium of 4.5%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $10.40 per share: free cash flow for the next ten years, each year discounted to today at 9.9%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.9%) |
|---|---|---|---|---|
| 2026 | $20.7M | extrapolated at 7.4% | 0.9101 | $18.84M |
| 2027 | $22.01M | extrapolated at 6.3% | 0.8282 | $18.23M |
| 2028 | $23.23M | extrapolated at 5.6% | 0.7537 | $17.51M |
| 2029 | $24.4M | extrapolated at 5.0% | 0.6859 | $16.74M |
| 2030 | $25.55M | extrapolated at 4.7% | 0.6242 | $15.95M |
| 2031 | $26.68M | extrapolated at 4.4% | 0.5681 | $15.15M |
| 2032 | $27.81M | extrapolated at 4.3% | 0.5170 | $14.38M |
| 2033 | $28.95M | extrapolated at 4.1% | 0.4705 | $13.62M |
| 2034 | $30.12M | extrapolated at 4.0% | 0.4282 | $12.9M |
| 2035 | $31.32M | extrapolated at 4.0% | 0.3897 | $12.2M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $155.52M |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (9.9% − 3.8%) | $537.24M |
| Present value of terminal value (× 0.3897) | $209.35M |
| Equity value (sum plus present value of terminal value) | $364.86M |
| Shares (diluted) | 35.07M |
| Value per share (equity value divided by shares) | $10.40 |
| Earnings per share, last twelve months | $5.07 |
| × 21.7 (industry P/E) | $110.19 |
| Fair value (average of both parts) | $60.30 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 25 Sep 2026)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.