NASDAQ: CHMA - Chiasma, 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 = -1.56
CAGR EPS = 5.39%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.76 + (3.76 * 5.39% / 100) = 3.96

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) = -0.159
Ebitda Yield = 0.173
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
Debt = 0.000961
Market Cap = 0.2378
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2378 / (0.2378 + 0.000961) = 0.996
Weight Cost Debt = 100% - 0.996 = 0.004
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.000961) * (100% - 0.996) * (1 - 0.21) + 0.0289 + 0.996 = 0.0288
Terminal Value = Discount (-0.159 * (1 + 0.173) / (0.0288 - 0.173)) = -1.08
Company Value = ∑ (-0.159 / (1 + 0.0288) ^ 5) = -0.5921
Price = (Terminal Value + Company Value) / Count shares = (-1.08 + -0.5921) / 52000000 = -32.12

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) = -0.2286
FCF Yield = 0.2232
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
Debt = 0.000961
Market Cap = 0.2378
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2378 / (0.2378 + 0.000961) = 0.996
Weight Cost Debt = 100% - 0.996 = 0.004
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.000961) * (100% - 0.996) * (1 - 0.21) + 0.0289 + 0.996 = 0.0288
Terminal Value = Discount (-0.2286 * (1 + 0.2232) / (0.0288 - 0.2232)) = -1.25
Company Value = ∑ (-0.2286 / (1 + 0.0288) ^ 5) = -0.7946
Price = (Terminal Value + Company Value) / Count shares = (-1.25 + -0.7946) / 52000000 = -39.38