Syndax Pharmaceuticals, Inc. logo SNDX - Syndax Pharmaceuticals, Inc.

Price: -- -- | CONSENSUS: Buy DETAILS
STRONG
BUY
0
BUY 20
HOLD 2
SELL 0
STRONG
SELL
0
| PRICE TARGET: $38.50 DETAILS
HIGH: $46.00
LOW: $31.00
MEDIAN: $38.50
CONSENSUS: $38.50
UPSIDE: 63.69%
AlphaVal

AlphaVal

Deterministic, archetype-aware fair value

High-Growth Software 80% confidence

Primary model: Revenue × Terminal Margin DCF

Valuation Signal Fair Value Mild
Trading 3.3% below fair value
Current Price $23.52
Bear Case $9.94 57.7% downside ($9.94 - $23.52) / $23.52 = -57.7% 18% rev growth, 21% terminal margin
Fair Value $24.33 3.5% upside ($24.33 - $23.52) / $23.52 = 3.5% 30% rev growth, 28% terminal margin
Bull Case $35.91 52.7% upside ($35.91 - $23.52) / $23.52 = 52.7% 35% rev growth, 32% terminal margin

Adjust Assumptions

30.0%
28.0%
12.0%

Key Value Driver

Revenue growth (30%) × margin expansion to 28%

Terminal Value % of EV 69%
Implied Market Multiple 11.7x

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 $38.50 from 22 analysts, using a 25% weight on analyst consensus. That produces an estimated intrinsic value of $24.33 per share.

Warnings

Stock-based employee pay is 28% of revenue — your ownership shrinks by about 2.0% each year as new shares are issued. Our estimate already accounts for this dilution.
Our estimate assumes profit margins grow from 0% to 28% over 10 years. If that improvement stalls, the company is worth considerably less.
Gross margin of 96% means each dollar of revenue is highly profitable. As the company grows, overhead costs should shrink as a share of revenue, boosting overall profits.
Wall Street's average price target is $38.50 (from 22 analysts). Our estimate is 49% below 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