NASDAQ: ZYNE - Zynerba Pharmaceuticals

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 = -0.8162
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.3 + (1.3 * 9.16% / 100) = 1.42

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) = -0.0347
Ebitda Yield = 0.0014
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 = 0.000216
Debt = 0.000334
Market Cap = 0.0712
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0712 / (0.0712 + 0.000334) = 0.9953
Weight Cost Debt = 100% - 0.9953 = 0.0047
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000216 / 0.000334) * (100% - 0.9953) * (1 - 0.21) + 0.0275 + 0.9953 = 50.61
Terminal Value = Discount (-0.0347 * (1 + 0.0014) / (50.61 - 0.0014)) = -0.0089
Company Value = ∑ (-0.0347 / (1 + 50.61) ^ 5) = -0.0596
Price = (Terminal Value + Company Value) / Count shares = (-0.0089 + -0.0596) / 42660000 = -1.6

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) = -0.0168
FCF Yield = -0.0627
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 = 0.000216
Debt = 0.000334
Market Cap = 0.0712
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0712 / (0.0712 + 0.000334) = 0.9953
Weight Cost Debt = 100% - 0.9953 = 0.0047
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.000216 / 0.000334) * (100% - 0.9953) * (1 - 0.21) + 0.0275 + 0.9953 = 50.61
Terminal Value = Discount (-0.0168 * (1 + -0.0627) / (50.61 - -0.0627)) = -0.0036
Company Value = ∑ (-0.0168 / (1 + 50.61) ^ 5) = -0.0347
Price = (Terminal Value + Company Value) / Count shares = (-0.0036 + -0.0347) / 42660000 = -0.8961