NASDAQ: BLU - BELLUS Health 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 = -0.6595
CAGR EPS = 3.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.74 + (14.74 * 3.17% / 100) = 15.21

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) = -0.2206
Ebitda Yield = 0.2174
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 = 7.8E-5
Debt = 0.0013
Market Cap = 1.87
Weight Debt = Market Cap / (Market Cap + Debt) = 1.87 / (1.87 + 0.0013) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (7.8E-5 / 0.0013) * (100% - 0.9993) * (1 - 0.21) + 0.0275 + 0.9993 = 4.72
Terminal Value = Discount (-0.2206 * (1 + 0.2174) / (4.72 - 0.2174)) = -1.25
Company Value = ∑ (-0.2206 / (1 + 4.72) ^ 5) = -0.6629
Price = (Terminal Value + Company Value) / Count shares = (-1.25 + -0.6629) / 115360000 = -16.61

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) = -0.2893
FCF Yield = 0.2653
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 = 7.8E-5
Debt = 0.0013
Market Cap = 1.87
Weight Debt = Market Cap / (Market Cap + Debt) = 1.87 / (1.87 + 0.0013) = 0.9993
Weight Cost Debt = 100% - 0.9993 = 0.00070000000000003
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (7.8E-5 / 0.0013) * (100% - 0.9993) * (1 - 0.21) + 0.0275 + 0.9993 = 4.72
Terminal Value = Discount (-0.2893 * (1 + 0.2653) / (4.72 - 0.2653)) = -1.33
Company Value = ∑ (-0.2893 / (1 + 4.72) ^ 5) = -0.8153
Price = (Terminal Value + Company Value) / Count shares = (-1.33 + -0.8153) / 115360000 = -18.62