NASDAQ: BNTX - BioNTech SE

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 = 3.83
CAGR EPS = 63.9%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.83 * (1 + 63.9%) / (0.0433 * 2) = 72.55

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) = 7.05
Ebitda Yield = 0.4534
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 = 0.0077
Debt = 0.2191
Market Cap = 26.46
Weight Debt = Market Cap / (Market Cap + Debt) = 26.46 / (26.46 + 0.2191) = 0.9918
Weight Cost Debt = 100% - 0.9918 = 0.0082
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) = 3
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.43 * 5.94 + 0 = 0.115
WACC = (0.0077 / 0.2191) * (100% - 0.9918) * (1 - 0.21) + 0.115 + 0.9918 = 2.88
Terminal Value = Discount (7.05 * (1 + 0.4534) / (2.88 - 0.4534)) = 20.95
Company Value = ∑ (7.05 / (1 + 2.88) ^ 5) = 17.23
Price = (Terminal Value + Company Value) / Count shares = (20.95 + 17.23) / 242700000 = 157.3

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) = 56.41
FCF Yield = 0.6462
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 = 0.0077
Debt = 0.2191
Market Cap = 26.46
Weight Debt = Market Cap / (Market Cap + Debt) = 26.46 / (26.46 + 0.2191) = 0.9918
Weight Cost Debt = 100% - 0.9918 = 0.0082
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) = 3
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.43 * 5.94 + 0 = 0.115
WACC = (0.0077 / 0.2191) * (100% - 0.9918) * (1 - 0.21) + 0.115 + 0.9918 = 2.88
Terminal Value = Discount (56.41 * (1 + 0.6462) / (2.88 - 0.6462)) = 130.51
Company Value = ∑ (56.41 / (1 + 2.88) ^ 5) = 118.07
Price = (Terminal Value + Company Value) / Count shares = (130.51 + 118.07) / 242700000 = 1024.25