NASDAQ: NERV - Minerva Neurosciences, 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 = -4.61
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.37 + (5.37 * 8.66% / 100) = 5.83

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) = -0.0082
Ebitda Yield = -0.1769
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 = 0.0083
Debt = 0.082
Market Cap = 0.0608
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0608 / (0.0608 + 0.082) = 0.4257
Weight Cost Debt = 100% - 0.4257 = 0.5743
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 = -2.13
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.13 * 5.94 + 0 = -0.0977
WACC = (0.0083 / 0.082) * (100% - 0.4257) * (1 - 0.21) + -0.0977 + 0.4257 = 7.9
Terminal Value = Discount (-0.0082 * (1 + -0.1769) / (7.9 - -0.1769)) = -0.018
Company Value = ∑ (-0.0082 / (1 + 7.9) ^ 5) = -0.0517
Price = (Terminal Value + Company Value) / Count shares = (-0.018 + -0.0517) / 6510000 = -10.71

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) = -0.0064
FCF Yield = -0.1551
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 = 0.0083
Debt = 0.082
Market Cap = 0.0608
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0608 / (0.0608 + 0.082) = 0.4257
Weight Cost Debt = 100% - 0.4257 = 0.5743
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 = -2.13
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -2.13 * 5.94 + 0 = -0.0977
WACC = (0.0083 / 0.082) * (100% - 0.4257) * (1 - 0.21) + -0.0977 + 0.4257 = 7.9
Terminal Value = Discount (-0.0064 * (1 + -0.1551) / (7.9 - -0.1551)) = -0.0157
Company Value = ∑ (-0.0064 / (1 + 7.9) ^ 5) = -0.0376
Price = (Terminal Value + Company Value) / Count shares = (-0.0157 + -0.0376) / 6510000 = -8.2