NYSE: RCUS - Arcus Biosciences, 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 = -4.15
CAGR EPS = 18.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.65 + (14.65 * 18.71% / 100) = 17.38

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) = -0.7308
Ebitda Yield = 0.2089
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 = 0.002
Debt = 0.011
Market Cap = 1.42
Weight Debt = Market Cap / (Market Cap + Debt) = 1.42 / (1.42 + 0.011) = 0.9923
Weight Cost Debt = 100% - 0.9923 = 0.0077
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 = -1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.81 * 5.94 + 0 = -0.0784
WACC = (0.002 / 0.011) * (100% - 0.9923) * (1 - 0.21) + -0.0784 + 0.9923 = 14.14
Terminal Value = Discount (-0.7308 * (1 + 0.2089) / (14.14 - 0.2089)) = -6.76
Company Value = ∑ (-0.7308 / (1 + 14.14) ^ 5) = -1.69
Price = (Terminal Value + Company Value) / Count shares = (-6.76 + -1.69) / 74000000 = -114.08

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) = -1.11
FCF Yield = 0.2748
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 = 0.002
Debt = 0.011
Market Cap = 1.42
Weight Debt = Market Cap / (Market Cap + Debt) = 1.42 / (1.42 + 0.011) = 0.9923
Weight Cost Debt = 100% - 0.9923 = 0.0077
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 = -1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.81 * 5.94 + 0 = -0.0784
WACC = (0.002 / 0.011) * (100% - 0.9923) * (1 - 0.21) + -0.0784 + 0.9923 = 14.14
Terminal Value = Discount (-1.11 * (1 + 0.2748) / (14.14 - 0.2748)) = -5.48
Company Value = ∑ (-1.11 / (1 + 14.14) ^ 5) = -2.33
Price = (Terminal Value + Company Value) / Count shares = (-5.48 + -2.33) / 74000000 = -105.51