NASDAQ: BLRX - BioLineRx Ltd.

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 = -0.9438
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6508 + (0.6508 * 8.66% / 100) = 0.7071

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) = -0.1051
Ebitda Yield = 0.1299
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 = 0.0021
Debt = 0.0103
Market Cap = 0.0977
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0977 / (0.0977 + 0.0103) = 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) = 2.89
β = -6.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.79 * 5.94 + 0 = -0.3743
WACC = (0.0021 / 0.0103) * (100% - 0.9046) * (1 - 0.21) + -0.3743 + 0.9046 = 15.96
Terminal Value = Discount (-0.1051 * (1 + 0.1299) / (15.96 - 0.1299)) = -1.91
Company Value = ∑ (-0.1051 / (1 + 15.96) ^ 5) = -0.2642
Price = (Terminal Value + Company Value) / Count shares = (-1.91 + -0.2642) / 64220000 = -33.89

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) = -0.023
FCF Yield = 0.0012
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 = 0.0021
Debt = 0.0103
Market Cap = 0.0977
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0977 / (0.0977 + 0.0103) = 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) = 2.89
β = -6.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.79 * 5.94 + 0 = -0.3743
WACC = (0.0021 / 0.0103) * (100% - 0.9046) * (1 - 0.21) + -0.3743 + 0.9046 = 15.96
Terminal Value = Discount (-0.023 * (1 + 0.0012) / (15.96 - 0.0012)) = -0.0695
Company Value = ∑ (-0.023 / (1 + 15.96) ^ 5) = -0.0753
Price = (Terminal Value + Company Value) / Count shares = (-0.0695 + -0.0753) / 64220000 = -2.25