NYSE: ARNA - Arena Pharmaceuticals, 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 = -10.04
CAGR EPS = 74.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 99.99 + (99.99 * 74.25% / 100) = 174.23

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) = -1.82
Ebitda Yield = 0.2684
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 = 0.0042
Debt = 0.0412
Market Cap = 6.17
Weight Debt = Market Cap / (Market Cap + Debt) = 6.17 / (6.17 + 0.0412) = 0.9934
Weight Cost Debt = 100% - 0.9934 = 0.0066000000000001
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) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.0042 / 0.0412) * (100% - 0.9934) * (1 - 0.21) + 0.0289 + 0.9934 = 8
Terminal Value = Discount (-1.82 * (1 + 0.2684) / (8 - 0.2684)) = -8.32
Company Value = ∑ (-1.82 / (1 + 8) ^ 5) = -4.6
Price = (Terminal Value + Company Value) / Count shares = (-8.32 + -4.6) / 61380000 = -210.44

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) = -1.61
FCF Yield = 0.2522
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 = 0.0042
Debt = 0.0412
Market Cap = 6.17
Weight Debt = Market Cap / (Market Cap + Debt) = 6.17 / (6.17 + 0.0412) = 0.9934
Weight Cost Debt = 100% - 0.9934 = 0.0066000000000001
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) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.0042 / 0.0412) * (100% - 0.9934) * (1 - 0.21) + 0.0289 + 0.9934 = 8
Terminal Value = Discount (-1.61 * (1 + 0.2522) / (8 - 0.2522)) = -7.97
Company Value = ∑ (-1.61 / (1 + 8) ^ 5) = -4.17
Price = (Terminal Value + Company Value) / Count shares = (-7.97 + -4.17) / 61380000 = -197.69