NASDAQ: BIIB - Biogen

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 11.19
CAGR EPS = -14.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.19 * (1 + -14.72%) / (0.0433 * 2) = 110.17

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) = 0.9672
Ebitda Yield = -0.1646
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 = 0.2469
Debt = 6.94
Market Cap = 37.82
Weight Debt = Market Cap / (Market Cap + Debt) = 37.82 / (37.82 + 6.94) = 0.845
Weight Cost Debt = 100% - 0.845 = 0.155
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) = 2.82
β = 0.8608
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8608 * 5.94 + 0 = 0.0793
WACC = (0.2469 / 6.94) * (100% - 0.845) * (1 - 0.21) + 0.0793 + 0.845 = 2.85
Terminal Value = Discount (0.9672 * (1 + -0.1646) / (2.85 - -0.1646)) = 3.63
Company Value = ∑ (0.9672 / (1 + 2.85) ^ 5) = 6.65
Price = (Terminal Value + Company Value) / Count shares = (3.63 + 6.65) / 145900000 = 70.47

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) = 2.59
FCF Yield = -0.0305
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 = 0.2469
Debt = 6.94
Market Cap = 37.82
Weight Debt = Market Cap / (Market Cap + Debt) = 37.82 / (37.82 + 6.94) = 0.845
Weight Cost Debt = 100% - 0.845 = 0.155
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) = 2.82
β = 0.8608
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8608 * 5.94 + 0 = 0.0793
WACC = (0.2469 / 6.94) * (100% - 0.845) * (1 - 0.21) + 0.0793 + 0.845 = 2.85
Terminal Value = Discount (2.59 * (1 + -0.0305) / (2.85 - -0.0305)) = 36.98
Company Value = ∑ (2.59 / (1 + 2.85) ^ 5) = 12.73
Price = (Terminal Value + Company Value) / Count shares = (36.98 + 12.73) / 145900000 = 340.66