NASDAQ: KRYS - Krystal Biotech, Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 3
CAGR EPS = 30.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3 * (1 + 30.27%) / (0.0433 * 2) = 45.1

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.4576
Ebitda Yield = 0.3301
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 = 0.0052
Debt = 0.0073
Market Cap = 3.33
Weight Debt = Market Cap / (Market Cap + Debt) = 3.33 / (3.33 + 0.0073) = 0.9978
Weight Cost Debt = 100% - 0.9978 = 0.0022
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) = 2.39
β = -0.2911
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2911 * 5.94 + 0 = 0.0066
WACC = (0.0052 / 0.0073) * (100% - 0.9978) * (1 - 0.21) + 0.0066 + 0.9978 = 56.02
Terminal Value = Discount (0.4576 * (1 + 0.3301) / (56.02 - 0.3301)) = 0.2862
Company Value = ∑ (0.4576 / (1 + 56.02) ^ 5) = 0.3492
Price = (Terminal Value + Company Value) / Count shares = (0.2862 + 0.3492) / 29740000 = 21.37

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) = 0.4423
FCF Yield = 0.2999
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 = 0.0052
Debt = 0.0073
Market Cap = 3.33
Weight Debt = Market Cap / (Market Cap + Debt) = 3.33 / (3.33 + 0.0073) = 0.9978
Weight Cost Debt = 100% - 0.9978 = 0.0022
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) = 2.39
β = -0.2911
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2911 * 5.94 + 0 = 0.0066
WACC = (0.0052 / 0.0073) * (100% - 0.9978) * (1 - 0.21) + 0.0066 + 0.9978 = 56.02
Terminal Value = Discount (0.4423 * (1 + 0.2999) / (56.02 - 0.2999)) = 0.2389
Company Value = ∑ (0.4423 / (1 + 56.02) ^ 5) = 0.3562
Price = (Terminal Value + Company Value) / Count shares = (0.2389 + 0.3562) / 29740000 = 20.01