NASDAQ: SAVA - Cassava Sciences, 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 = -2.32
CAGR EPS = 56.9%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.49 + (13.49 * 56.9% / 100) = 21.17

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) = -1.15
Ebitda Yield = 0.6437
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 = 0.0038
Debt = 0.000139
Market Cap = 0.7169
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7169 / (0.7169 + 0.000139) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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) = 3
β = -10.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -10.26 * 5.94 + 0 = -0.5795
WACC = (0.0038 / 0.000139) * (100% - 0.9998) * (1 - 0.21) + -0.5795 + 0.9998 = 2137.54
Terminal Value = Discount (-1.15 * (1 + 0.6437) / (2137.54 - 0.6437)) = 0
Company Value = ∑ (-1.15 / (1 + 2137.54) ^ 5) = -0.0076
Price = (Terminal Value + Company Value) / Count shares = (0 + -0.0076) / 41930000 = -0.1809

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) = -1.6
FCF Yield = 0.8096
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 = 0.0038
Debt = 0.000139
Market Cap = 0.7169
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7169 / (0.7169 + 0.000139) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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) = 3
β = -10.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -10.26 * 5.94 + 0 = -0.5795
WACC = (0.0038 / 0.000139) * (100% - 0.9998) * (1 - 0.21) + -0.5795 + 0.9998 = 2137.54
Terminal Value = Discount (-1.6 * (1 + 0.8096) / (2137.54 - 0.8096)) = 0
Company Value = ∑ (-1.6 / (1 + 2137.54) ^ 5) = -0.0073
Price = (Terminal Value + Company Value) / Count shares = (0 + -0.0073) / 41930000 = -0.173