NASDAQ: ECOR - electroCore, 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 = -3.42
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.33 + (6.33 * 9.16% / 100) = 6.91

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) = -0.009
Ebitda Yield = -0.1268
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 = 0.000287
Debt = 0.000626
Market Cap = 0.0276
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0276 / (0.0276 + 0.000626) = 0.9778
Weight Cost Debt = 100% - 0.9778 = 0.0222
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) = 2.75
β = 0.6412
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6412 * 5.94 + 0 = 0.0656
WACC = (0.000287 / 0.000626) * (100% - 0.9778) * (1 - 0.21) + 0.0656 + 0.9778 = 35.93
Terminal Value = Discount (-0.009 * (1 + -0.1268) / (35.93 - -0.1268)) = -0.0035
Company Value = ∑ (-0.009 / (1 + 35.93) ^ 5) = -0.0284
Price = (Terminal Value + Company Value) / Count shares = (-0.0035 + -0.0284) / 5520000 = -5.78

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) = -0.0063
FCF Yield = -0.1592
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 = 0.000287
Debt = 0.000626
Market Cap = 0.0276
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0276 / (0.0276 + 0.000626) = 0.9778
Weight Cost Debt = 100% - 0.9778 = 0.0222
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) = 2.75
β = 0.6412
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6412 * 5.94 + 0 = 0.0656
WACC = (0.000287 / 0.000626) * (100% - 0.9778) * (1 - 0.21) + 0.0656 + 0.9778 = 35.93
Terminal Value = Discount (-0.0063 * (1 + -0.1592) / (35.93 - -0.1592)) = -0.0022
Company Value = ∑ (-0.0063 / (1 + 35.93) ^ 5) = -0.0219
Price = (Terminal Value + Company Value) / Count shares = (-0.0022 + -0.0219) / 5520000 = -4.37