NASDAQ: FGEN - FibroGen

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 = -2.92
CAGR EPS = 26.88%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.4884 + (0.4884 * 26.88% / 100) = 0.6196

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) = -0.7257
Ebitda Yield = 0.2286
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 = 0.0155
Debt = 0.0861
Market Cap = 2.3
Weight Debt = Market Cap / (Market Cap + Debt) = 2.3 / (2.3 + 0.0861) = 0.9639
Weight Cost Debt = 100% - 0.9639 = 0.0361
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) = 2.6
β = -3.45
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.45 * 5.94 + 0 = -0.1788
WACC = (0.0155 / 0.0861) * (100% - 0.9639) * (1 - 0.21) + -0.1788 + 0.9639 = 13.95
Terminal Value = Discount (-0.7257 * (1 + 0.2286) / (13.95 - 0.2286)) = -5.21
Company Value = ∑ (-0.7257 / (1 + 13.95) ^ 5) = -1.63
Price = (Terminal Value + Company Value) / Count shares = (-5.21 + -1.63) / 97300000 = -70.34

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) = -0.9404
FCF Yield = 0.2425
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 = 0.0155
Debt = 0.0861
Market Cap = 2.3
Weight Debt = Market Cap / (Market Cap + Debt) = 2.3 / (2.3 + 0.0861) = 0.9639
Weight Cost Debt = 100% - 0.9639 = 0.0361
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) = 2.6
β = -3.45
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -3.45 * 5.94 + 0 = -0.1788
WACC = (0.0155 / 0.0861) * (100% - 0.9639) * (1 - 0.21) + -0.1788 + 0.9639 = 13.95
Terminal Value = Discount (-0.9404 * (1 + 0.2425) / (13.95 - 0.2425)) = -5.9
Company Value = ∑ (-0.9404 / (1 + 13.95) ^ 5) = -2.07
Price = (Terminal Value + Company Value) / Count shares = (-5.9 + -2.07) / 97300000 = -81.99