Appian Corporation logo APPN - Appian Corporation

Price: -- -- | CONSENSUS: Hold DETAILS
STRONG
BUY
0
BUY 6
HOLD 12
SELL 1
STRONG
SELL
0
| PRICE TARGET: $27.75 DETAILS
HIGH: $41.00
LOW: $22.00
MEDIAN: $24.00
CONSENSUS: $27.75
UPSIDE: 29.85%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

High-Growth Software 80% confidence

Primary model: Revenue × Terminal Margin DCF

Valuation Signal Undervalued Strong
Trading 51.5% below fair value
Current Price $21.37
Bear Case $20.78 2.8% downside ($20.78 - $21.37) / $21.37 = -2.8% 12% rev growth, 17% terminal margin
Fair Value $44.06 106.2% upside ($44.06 - $21.37) / $21.37 = 106.2% 21% rev growth, 23% terminal margin
Bull Case $70.78 231.2% upside ($70.78 - $21.37) / $21.37 = 231.2% 27% rev growth, 26% terminal margin

Adjust Assumptions

21.0%
23.0%
12.0%

Key Value Driver

Revenue growth (21%) × margin expansion to 23%

Terminal Value % of EV 62%
Implied Market Multiple 2.4x

Plain-Language Summary

Our base-case estimate uses a discounted cash flow model based on revenue growth and long-run free cash flow margins. We then blend that result with the average analyst price target of $27.75 from 19 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $44.06 per share.

Warnings

Wall Street's average price target is $27.75 (from 19 analysts). Our estimate is 78% above the consensus -- consider that gap carefully.

Key Risks

  • Current FCF misleads — the model values future margins, not today's cash
  • SBC dilution is the hidden tax: 2-4% annual share growth compounds fast
  • Revenue deceleration is inevitable — the question is when and how steep