NASDAQ: KMPH - KemPharm, 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 = -1.2
CAGR EPS = 15.13%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.97 + (4.97 * 15.13% / 100) = 5.72

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) = -0.0177
Ebitda Yield = -0.000235
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 = 0.000335
Debt = 0.0141
Market Cap = 0.197
Weight Debt = Market Cap / (Market Cap + Debt) = 0.197 / (0.197 + 0.0141) = 0.9332
Weight Cost Debt = 100% - 0.9332 = 0.0668
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000335 / 0.0141) * (100% - 0.9332) * (1 - 0.21) + 0.0275 + 0.9332 = 1.89
Terminal Value = Discount (-0.0177 * (1 + -0.000235) / (1.89 - -0.000235)) = -0.8435
Company Value = ∑ (-0.0177 / (1 + 1.89) ^ 5) = -0.0836
Price = (Terminal Value + Company Value) / Count shares = (-0.8435 + -0.0836) / 34490000 = -26.88

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) = -0.0163
FCF Yield = -0.0335
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 = 0.000335
Debt = 0.0141
Market Cap = 0.197
Weight Debt = Market Cap / (Market Cap + Debt) = 0.197 / (0.197 + 0.0141) = 0.9332
Weight Cost Debt = 100% - 0.9332 = 0.0668
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000335 / 0.0141) * (100% - 0.9332) * (1 - 0.21) + 0.0275 + 0.9332 = 1.89
Terminal Value = Discount (-0.0163 * (1 + -0.0335) / (1.89 - -0.0335)) = -0.2751
Company Value = ∑ (-0.0163 / (1 + 1.89) ^ 5) = -0.083
Price = (Terminal Value + Company Value) / Count shares = (-0.2751 + -0.083) / 34490000 = -10.38