NASDAQ: ALEC - Alector, Inc.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = -1.56
CAGR EPS = 1.16%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.82 + (3.82 * 1.16% / 100) = 3.86

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -0.1708
Ebitda Yield = 0.0364
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0163
Debt = 0.0389
Market Cap = 0.6011
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6011 / (0.6011 + 0.0389) = 0.9392
Weight Cost Debt = 100% - 0.9392 = 0.0608
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 6.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.32 * 5.94 + 0 = 0.4037
WACC = (0.0163 / 0.0389) * (100% - 0.9392) * (1 - 0.21) + 0.4037 + 0.9392 = 33.16
Terminal Value = Discount (-0.1708 * (1 + 0.0364) / (33.16 - 0.0364)) = -0.1433
Company Value = ∑ (-0.1708 / (1 + 33.16) ^ 5) = -0.3584
Price = (Terminal Value + Company Value) / Count shares = (-0.1433 + -0.3584) / 83730000 = -5.99

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.2765
FCF Yield = 0.0819
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.0163
Debt = 0.0389
Market Cap = 0.6011
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6011 / (0.6011 + 0.0389) = 0.9392
Weight Cost Debt = 100% - 0.9392 = 0.0608
Tax = 0.21
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = 2.82
β = 6.32
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 6.32 * 5.94 + 0 = 0.4037
WACC = (0.0163 / 0.0389) * (100% - 0.9392) * (1 - 0.21) + 0.4037 + 0.9392 = 33.16
Terminal Value = Discount (-0.2765 * (1 + 0.0819) / (33.16 - 0.0819)) = -0.2862
Company Value = ∑ (-0.2765 / (1 + 33.16) ^ 5) = -0.5221
Price = (Terminal Value + Company Value) / Count shares = (-0.2862 + -0.5221) / 83730000 = -9.65