NASDAQ: IVA - Inventiva S.A.

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 = -2.72
CAGR EPS = 12.89%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.56 + (3.56 * 12.89% / 100) = 4.02

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) = -0.3256
Ebitda Yield = 0.2408
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 = 0.0058
Debt = 0.0335
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0335) = 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) = 2.82
β = -1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.49 * 5.94 + 0 = -0.0604
WACC = (0.0058 / 0.0335) * (100% - 0) * (1 - 0.21) + -0.0604 + 0 = 13.68
Terminal Value = Discount (-0.3256 * (1 + 0.2408) / (13.68 - 0.2408)) = -2.05
Company Value = ∑ (-0.3256 / (1 + 13.68) ^ 5) = -0.7253
Price = (Terminal Value + Company Value) / Count shares = (-2.05 + -0.7253) / 45350000 = -61.1

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) = -0.2121
FCF Yield = 0.1894
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 = 0.0058
Debt = 0.0335
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0335) = 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) = 2.82
β = -1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.49 * 5.94 + 0 = -0.0604
WACC = (0.0058 / 0.0335) * (100% - 0) * (1 - 0.21) + -0.0604 + 0 = 13.68
Terminal Value = Discount (-0.2121 * (1 + 0.1894) / (13.68 - 0.1894)) = -2.53
Company Value = ∑ (-0.2121 / (1 + 13.68) ^ 5) = -0.5113
Price = (Terminal Value + Company Value) / Count shares = (-2.53 + -0.5113) / 45350000 = -66.98