NASDAQ: IMGN - ImmunoGen

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 = -0.879
CAGR EPS = 2.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 31.23 + (31.23 * 2.56% / 100) = 32.03

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) = -0.6724
Ebitda Yield = 0.2331
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 = 0.0098
Debt = 0.0152
Market Cap = 3.89
Weight Debt = Market Cap / (Market Cap + Debt) = 3.89 / (3.89 + 0.0152) = 0.9961
Weight Cost Debt = 100% - 0.9961 = 0.0039
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0098 / 0.0152) * (100% - 0.9961) * (1 - 0.21) + 0.0282 + 0.9961 = 50.53
Terminal Value = Discount (-0.6724 * (1 + 0.2331) / (50.53 - 0.2331)) = -0.3941
Company Value = ∑ (-0.6724 / (1 + 50.53) ^ 5) = -0.6744
Price = (Terminal Value + Company Value) / Count shares = (-0.3941 + -0.6744) / 253630000 = -4.21

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.3777
FCF Yield = 0.1358
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 = 0.0098
Debt = 0.0152
Market Cap = 3.89
Weight Debt = Market Cap / (Market Cap + Debt) = 3.89 / (3.89 + 0.0152) = 0.9961
Weight Cost Debt = 100% - 0.9961 = 0.0039
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0098 / 0.0152) * (100% - 0.9961) * (1 - 0.21) + 0.0282 + 0.9961 = 50.53
Terminal Value = Discount (-0.3777 * (1 + 0.1358) / (50.53 - 0.1358)) = -0.1503
Company Value = ∑ (-0.3777 / (1 + 50.53) ^ 5) = -0.464
Price = (Terminal Value + Company Value) / Count shares = (-0.1503 + -0.464) / 253630000 = -2.42