NYSE: ZYME - Zymeworks 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 = -1.78
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.63 + (11.63 * 8.66% / 100) = 12.64

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) = -0.1016
Ebitda Yield = -0.0338
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 = 0.0036
Debt = 0.0267
Market Cap = 0.5033
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5033 / (0.5033 + 0.0267) = 0.9496
Weight Cost Debt = 100% - 0.9496 = 0.0504
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) = 2.82
β = 1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.17 * 5.94 + 0 = 0.0975
WACC = (0.0036 / 0.0267) * (100% - 0.9496) * (1 - 0.21) + 0.0975 + 0.9496 = 10.63
Terminal Value = Discount (-0.1016 * (1 + -0.0338) / (10.63 - -0.0338)) = -0.4226
Company Value = ∑ (-0.1016 / (1 + 10.63) ^ 5) = -0.4094
Price = (Terminal Value + Company Value) / Count shares = (-0.4226 + -0.4094) / 68960000 = -12.07

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) = -0.0869
FCF Yield = -0.0514
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 = 0.0036
Debt = 0.0267
Market Cap = 0.5033
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5033 / (0.5033 + 0.0267) = 0.9496
Weight Cost Debt = 100% - 0.9496 = 0.0504
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) = 2.82
β = 1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.17 * 5.94 + 0 = 0.0975
WACC = (0.0036 / 0.0267) * (100% - 0.9496) * (1 - 0.21) + 0.0975 + 0.9496 = 10.63
Terminal Value = Discount (-0.0869 * (1 + -0.0514) / (10.63 - -0.0514)) = -0.315
Company Value = ∑ (-0.0869 / (1 + 10.63) ^ 5) = -0.3649
Price = (Terminal Value + Company Value) / Count shares = (-0.315 + -0.3649) / 68960000 = -9.86