NASDAQ: ADAP - Adaptimmune Therapeutics plc

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 = -0.5685
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.655 + (0.655 * 8.66% / 100) = 0.7117

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) = -0.1299
Ebitda Yield = 0.0026
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 = 0.001
Debt = 0.0252
Market Cap = 0.1773
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1773 / (0.1773 + 0.0252) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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 = -3.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -3.16 * 5.94 + 0 = -0.1578
WACC = (0.001 / 0.0252) * (100% - 0.8754) * (1 - 0.21) + -0.1578 + 0.8754 = 2.97
Terminal Value = Discount (-0.1299 * (1 + 0.0026) / (2.97 - 0.0026)) = -4.16
Company Value = ∑ (-0.1299 / (1 + 2.97) ^ 5) = -0.5922
Price = (Terminal Value + Company Value) / Count shares = (-4.16 + -0.5922) / 201070000 = -23.64

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) = -0.1751
FCF Yield = 0.0374
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 = 0.001
Debt = 0.0252
Market Cap = 0.1773
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1773 / (0.1773 + 0.0252) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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 = -3.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -3.16 * 5.94 + 0 = -0.1578
WACC = (0.001 / 0.0252) * (100% - 0.8754) * (1 - 0.21) + -0.1578 + 0.8754 = 2.97
Terminal Value = Discount (-0.1751 * (1 + 0.0374) / (2.97 - 0.0374)) = -20.29
Company Value = ∑ (-0.1751 / (1 + 2.97) ^ 5) = -0.7454
Price = (Terminal Value + Company Value) / Count shares = (-20.29 + -0.7454) / 201070000 = -104.63