NASDAQ: ANIK - Anika Therapeutics

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 = -5.64
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 21.67 + (21.67 * 9.16% / 100) = 23.65

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) = 0.000147
Ebitda Yield = -1.42
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 = 0.0023
Debt = 0.029
Market Cap = 0.2752
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2752 / (0.2752 + 0.029) = 0.9046
Weight Cost Debt = 100% - 0.9046 = 0.0954
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) = 2.6
β = -3.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.23 * 5.94 + 0 = -0.166
WACC = (0.0023 / 0.029) * (100% - 0.9046) * (1 - 0.21) + -0.166 + 0.9046 = 6.08
Terminal Value = Discount (0.000147 * (1 + -1.42) / (6.08 - -1.42)) = -3.1E-5
Company Value = ∑ (0.000147 / (1 + 6.08) ^ 5) = 0.0032
Price = (Terminal Value + Company Value) / Count shares = (-3.1E-5 + 0.0032) / 14660000 = 0.2171

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) = 6.2E-5
FCF Yield = -1.39
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 = 0.0023
Debt = 0.029
Market Cap = 0.2752
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2752 / (0.2752 + 0.029) = 0.9046
Weight Cost Debt = 100% - 0.9046 = 0.0954
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) = 2.6
β = -3.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.23 * 5.94 + 0 = -0.166
WACC = (0.0023 / 0.029) * (100% - 0.9046) * (1 - 0.21) + -0.166 + 0.9046 = 6.08
Terminal Value = Discount (6.2E-5 * (1 + -1.39) / (6.08 - -1.39)) = -1.2E-5
Company Value = ∑ (6.2E-5 / (1 + 6.08) ^ 5) = 0.0019
Price = (Terminal Value + Company Value) / Count shares = (-1.2E-5 + 0.0019) / 14660000 = 0.1315