NASDAQ: IMCR - Immunocore Holdings 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 = -1.51
CAGR EPS = 365.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 50.56 + (50.56 * 365.06% / 100) = 235.14

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) = -1.47
Ebitda Yield = 0.2603
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 = 0.0069
Debt = 0.0517
Market Cap = 2.89
Weight Debt = Market Cap / (Market Cap + Debt) = 2.89 / (2.89 + 0.0517) = 0.9824
Weight Cost Debt = 100% - 0.9824 = 0.0176
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 = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.21 * 5.94 + 0 = 0.1006
WACC = (0.0069 / 0.0517) * (100% - 0.9824) * (1 - 0.21) + 0.1006 + 0.9824 = 10.54
Terminal Value = Discount (-1.47 * (1 + 0.2603) / (10.54 - 0.2603)) = -7.26
Company Value = ∑ (-1.47 / (1 + 10.54) ^ 5) = -3.49
Price = (Terminal Value + Company Value) / Count shares = (-7.26 + -3.49) / 48890000 = -219.78

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) = -0.0067
FCF Yield = -0.2139
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 = 0.0069
Debt = 0.0517
Market Cap = 2.89
Weight Debt = Market Cap / (Market Cap + Debt) = 2.89 / (2.89 + 0.0517) = 0.9824
Weight Cost Debt = 100% - 0.9824 = 0.0176
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 = 1.21
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.21 * 5.94 + 0 = 0.1006
WACC = (0.0069 / 0.0517) * (100% - 0.9824) * (1 - 0.21) + 0.1006 + 0.9824 = 10.54
Terminal Value = Discount (-0.0067 * (1 + -0.2139) / (10.54 - -0.2139)) = -0.01
Company Value = ∑ (-0.0067 / (1 + 10.54) ^ 5) = -0.0449
Price = (Terminal Value + Company Value) / Count shares = (-0.01 + -0.0449) / 48890000 = -1.12