NASDAQ: APLS - Apellis Pharmaceuticals, 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 = -4.45
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 35.88 + (35.88 * 8.66% / 100) = 38.99

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) = -0.7791
Ebitda Yield = 0.0949
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 = 0.0296
Debt = 0.0995
Market Cap = 3.61
Weight Debt = Market Cap / (Market Cap + Debt) = 3.61 / (3.61 + 0.0995) = 0.9732
Weight Cost Debt = 100% - 0.9732 = 0.0268
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) = 2.39
β = 2.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.47 * 5.94 + 0 = 0.1707
WACC = (0.0296 / 0.0995) * (100% - 0.9732) * (1 - 0.21) + 0.1707 + 0.9732 = 23.43
Terminal Value = Discount (-0.7791 * (1 + 0.0949) / (23.43 - 0.0949)) = -2.14
Company Value = ∑ (-0.7791 / (1 + 23.43) ^ 5) = -1.75
Price = (Terminal Value + Company Value) / Count shares = (-2.14 + -1.75) / 118680000 = -32.76

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) = -1.38
FCF Yield = 0.1828
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 = 0.0296
Debt = 0.0995
Market Cap = 3.61
Weight Debt = Market Cap / (Market Cap + Debt) = 3.61 / (3.61 + 0.0995) = 0.9732
Weight Cost Debt = 100% - 0.9732 = 0.0268
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) = 2.39
β = 2.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.47 * 5.94 + 0 = 0.1707
WACC = (0.0296 / 0.0995) * (100% - 0.9732) * (1 - 0.21) + 0.1707 + 0.9732 = 23.43
Terminal Value = Discount (-1.38 * (1 + 0.1828) / (23.43 - 0.1828)) = -11.06
Company Value = ∑ (-1.38 / (1 + 23.43) ^ 5) = -2.63
Price = (Terminal Value + Company Value) / Count shares = (-11.06 + -2.63) / 118680000 = -115.28