NASDAQ: ADAG - Adagene Inc.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -0.4327
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.67 + (2.67 * 8.66% / 100) = 2.9

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.0137
Ebitda Yield = -0.0175
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0011
Debt = 0.0221
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0221) = 0
Weight Cost Debt = 100% - 0 = 1
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 3
β = 2.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.11 * 5.94 + 0 = 0.1551
WACC = (0.0011 / 0.0221) * (100% - 0) * (1 - 0.21) + 0.1551 + 0 = 3.95
Terminal Value = Discount (-0.0137 * (1 + -0.0175) / (3.95 - -0.0175)) = -0.1942
Company Value = ∑ (-0.0137 / (1 + 3.95) ^ 5) = -0.0633
Price = (Terminal Value + Company Value) / Count shares = (-0.1942 + -0.0633) / 43790000 = -5.88

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.0409
FCF Yield = 0.0744
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0011
Debt = 0.0221
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0221) = 0
Weight Cost Debt = 100% - 0 = 1
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 3
β = 2.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.11 * 5.94 + 0 = 0.1551
WACC = (0.0011 / 0.0221) * (100% - 0) * (1 - 0.21) + 0.1551 + 0 = 3.95
Terminal Value = Discount (-0.0409 * (1 + 0.0744) / (3.95 - 0.0744)) = -1.04
Company Value = ∑ (-0.0409 / (1 + 3.95) ^ 5) = -0.1577
Price = (Terminal Value + Company Value) / Count shares = (-1.04 + -0.1577) / 43790000 = -27.31