NASDAQ: BRNS - Barinthus Biotherapeutics plc

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 = -1.92
CAGR EPS = 25.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.4 + (2.4 * 25.61% / 100) = 3.01

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) = -0.1645
Ebitda 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 = 2.8E-5
Debt = 0.013
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.013) = 0
Weight Cost Debt = 100% - 0 = 1
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 = -2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.49 * 5.94 + 0 = -0.1187
WACC = (2.8E-5 / 0.013) * (100% - 0) * (1 - 0.21) + -0.1187 + 0 = 0.1711
Terminal Value = Discount (-0.1645 * (1 + 0.1828) / (0.1711 - 0.1828)) = -1.07
Company Value = ∑ (-0.1645 / (1 + 0.1711) ^ 5) = -0.6012
Price = (Terminal Value + Company Value) / Count shares = (-1.07 + -0.6012) / 38390000 = -43.41

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) = -0.1375
FCF Yield = 0.1953
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 = 2.8E-5
Debt = 0.013
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.013) = 0
Weight Cost Debt = 100% - 0 = 1
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 = -2.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.49 * 5.94 + 0 = -0.1187
WACC = (2.8E-5 / 0.013) * (100% - 0) * (1 - 0.21) + -0.1187 + 0 = 0.1711
Terminal Value = Discount (-0.1375 * (1 + 0.1953) / (0.1711 - 0.1953)) = -0.8415
Company Value = ∑ (-0.1375 / (1 + 0.1711) ^ 5) = -0.4937
Price = (Terminal Value + Company Value) / Count shares = (-0.8415 + -0.4937) / 38390000 = -34.78