NASDAQ: VRTX - Vertex

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 = -2.08
CAGR EPS = -172.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -172.61% / 100) = 17.41

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) = 0.1148
Ebitda Yield = -0.2508
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 = 0.0306
Debt = 1.75
Market Cap = 89
Weight Debt = Market Cap / (Market Cap + Debt) = 89 / (89 + 1.75) = 0.9807
Weight Cost Debt = 100% - 0.9807 = 0.0193
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 = -1.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.59 * 5.94 + 0 = -0.0704
WACC = (0.0306 / 1.75) * (100% - 0.9807) * (1 - 0.21) + -0.0704 + 0.9807 = 1.3
Terminal Value = Discount (0.1148 * (1 + -0.2508) / (1.3 - -0.2508)) = 0.3056
Company Value = ∑ (0.1148 / (1 + 1.3) ^ 5) = 1.08
Price = (Terminal Value + Company Value) / Count shares = (0.3056 + 1.08) / 257900000 = 5.35

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) = 0.0095
FCF Yield = -1.41
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 = 0.0306
Debt = 1.75
Market Cap = 89
Weight Debt = Market Cap / (Market Cap + Debt) = 89 / (89 + 1.75) = 0.9807
Weight Cost Debt = 100% - 0.9807 = 0.0193
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 = -1.59
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.59 * 5.94 + 0 = -0.0704
WACC = (0.0306 / 1.75) * (100% - 0.9807) * (1 - 0.21) + -0.0704 + 0.9807 = 1.3
Terminal Value = Discount (0.0095 * (1 + -1.41) / (1.3 - -1.41)) = -0.0026
Company Value = ∑ (0.0095 / (1 + 1.3) ^ 5) = 0.2315
Price = (Terminal Value + Company Value) / Count shares = (-0.0026 + 0.2315) / 257900000 = 0.8876