NYSE: NVTA - Invitae Corporation

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 = -13.18
CAGR EPS = 36.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2005 + (0.2005 * 36.46% / 100) = 0.2736

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) = -1.25
Ebitda Yield = 0.1629
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 = 0.038
Debt = 1.75
Market Cap = 0.2857
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2857 / (0.2857 + 1.75) = 0.1403
Weight Cost Debt = 100% - 0.1403 = 0.8597
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.038 / 1.75) * (100% - 0.1403) * (1 - 0.21) + 0.03 + 0.1403 = 1.72
Terminal Value = Discount (-1.25 * (1 + 0.1629) / (1.72 - 0.1629)) = -9.13
Company Value = ∑ (-1.25 / (1 + 1.72) ^ 5) = -4.45
Price = (Terminal Value + Company Value) / Count shares = (-9.13 + -4.45) / 235680000 = -57.63

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) = -0.874
FCF Yield = 0.1614
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 = 0.038
Debt = 1.75
Market Cap = 0.2857
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2857 / (0.2857 + 1.75) = 0.1403
Weight Cost Debt = 100% - 0.1403 = 0.8597
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.038 / 1.75) * (100% - 0.1403) * (1 - 0.21) + 0.03 + 0.1403 = 1.72
Terminal Value = Discount (-0.874 * (1 + 0.1614) / (1.72 - 0.1614)) = -6.46
Company Value = ∑ (-0.874 / (1 + 1.72) ^ 5) = -3.13
Price = (Terminal Value + Company Value) / Count shares = (-6.46 + -3.13) / 235680000 = -40.72