NASDAQ: BIIB - Biogen

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 11.19
CAGR EPS = -14.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.19 * (1 + -14.72%) / (0.0433 * 2) = 110.17

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) = 0.9672
Ebitda Yield = -0.1646
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 = 0.2469
Debt = 6.94
Market Cap = 37.82
Weight Debt = Market Cap / (Market Cap + Debt) = 37.82 / (37.82 + 6.94) = 0.845
Weight Cost Debt = 100% - 0.845 = 0.155
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 = 0.8608
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8608 * 5.94 + 0 = 0.0793
WACC = (0.2469 / 6.94) * (100% - 0.845) * (1 - 0.21) + 0.0793 + 0.845 = 2.85
Terminal Value = Discount (0.9672 * (1 + -0.1646) / (2.85 - -0.1646)) = 3.63
Company Value = ∑ (0.9672 / (1 + 2.85) ^ 5) = 6.65
Price = (Terminal Value + Company Value) / Count shares = (3.63 + 6.65) / 145900000 = 70.47

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) = 2.59
FCF Yield = -0.0305
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 = 0.2469
Debt = 6.94
Market Cap = 37.82
Weight Debt = Market Cap / (Market Cap + Debt) = 37.82 / (37.82 + 6.94) = 0.845
Weight Cost Debt = 100% - 0.845 = 0.155
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 = 0.8608
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8608 * 5.94 + 0 = 0.0793
WACC = (0.2469 / 6.94) * (100% - 0.845) * (1 - 0.21) + 0.0793 + 0.845 = 2.85
Terminal Value = Discount (2.59 * (1 + -0.0305) / (2.85 - -0.0305)) = 36.98
Company Value = ∑ (2.59 / (1 + 2.85) ^ 5) = 12.73
Price = (Terminal Value + Company Value) / Count shares = (36.98 + 12.73) / 145900000 = 340.66