NASDAQ: WVE - Wave Life Sciences Ltd.

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 = -0.5421
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.95 + (6.95 * 9.16% / 100) = 7.58

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) = -0.0216
Ebitda Yield = -0.1817
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 = 0.0016
Debt = 0.0321
Market Cap = 0.3849
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3849 / (0.3849 + 0.0321) = 0.923
Weight Cost Debt = 100% - 0.923 = 0.077
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) = 2.6
β = 16.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 16.92 * 5.94 + 0 = 1.03
WACC = (0.0016 / 0.0321) * (100% - 0.923) * (1 - 0.21) + 1.03 + 0.923 = 4.85
Terminal Value = Discount (-0.0216 * (1 + -0.1817) / (4.85 - -0.1817)) = -0.0605
Company Value = ∑ (-0.0216 / (1 + 4.85) ^ 5) = -0.1485
Price = (Terminal Value + Company Value) / Count shares = (-0.0605 + -0.1485) / 106100000 = -1.97

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) = -0.0037
FCF Yield = -0.2884
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 = 0.0016
Debt = 0.0321
Market Cap = 0.3849
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3849 / (0.3849 + 0.0321) = 0.923
Weight Cost Debt = 100% - 0.923 = 0.077
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) = 2.6
β = 16.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 16.92 * 5.94 + 0 = 1.03
WACC = (0.0016 / 0.0321) * (100% - 0.923) * (1 - 0.21) + 1.03 + 0.923 = 4.85
Terminal Value = Discount (-0.0037 * (1 + -0.2884) / (4.85 - -0.2884)) = -0.0062
Company Value = ∑ (-0.0037 / (1 + 4.85) ^ 5) = -0.0371
Price = (Terminal Value + Company Value) / Count shares = (-0.0062 + -0.0371) / 106100000 = -0.409