NASDAQ: PRTA - Prothena Corporation plc

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 = -2.76
CAGR EPS = 7.22%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.02 + (19.02 * 7.22% / 100) = 20.39

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) = -0.3628
Ebitda Yield = 0.138
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 = 0.0067
Debt = 0.0118
Market Cap = 3.04
Weight Debt = Market Cap / (Market Cap + Debt) = 3.04 / (3.04 + 0.0118) = 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 = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.18 * 5.94 + 0 = 0.1575
WACC = (0.0067 / 0.0118) * (100% - 0.9961) * (1 - 0.21) + 0.1575 + 0.9961 = 44.43
Terminal Value = Discount (-0.3628 * (1 + 0.138) / (44.43 - 0.138)) = -0.2144
Company Value = ∑ (-0.3628 / (1 + 44.43) ^ 5) = -0.4918
Price = (Terminal Value + Company Value) / Count shares = (-0.2144 + -0.4918) / 53220000 = -13.27

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) = -0.2935
FCF Yield = 0.1651
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 = 0.0067
Debt = 0.0118
Market Cap = 3.04
Weight Debt = Market Cap / (Market Cap + Debt) = 3.04 / (3.04 + 0.0118) = 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 = 2.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.18 * 5.94 + 0 = 0.1575
WACC = (0.0067 / 0.0118) * (100% - 0.9961) * (1 - 0.21) + 0.1575 + 0.9961 = 44.43
Terminal Value = Discount (-0.2935 * (1 + 0.1651) / (44.43 - 0.1651)) = -0.1949
Company Value = ∑ (-0.2935 / (1 + 44.43) ^ 5) = -0.3756
Price = (Terminal Value + Company Value) / Count shares = (-0.1949 + -0.3756) / 53220000 = -10.72