NASDAQ: HALO - Halozyme Therapeutics, Inc.

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 = 2.1
CAGR EPS = 44%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.1 * (1 + 44%) / (0.0433 * 2) = 34.89

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) = 2.73
Ebitda Yield = 0.4327
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 = 0.0188
Debt = 1.53
Market Cap = 5.71
Weight Debt = Market Cap / (Market Cap + Debt) = 5.71 / (5.71 + 1.53) = 0.7885
Weight Cost Debt = 100% - 0.7885 = 0.2115
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 = -3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.5 * 5.94 + 0 = -0.18
WACC = (0.0188 / 1.53) * (100% - 0.7885) * (1 - 0.21) + -0.18 + 0.7885 = 0.8183
Terminal Value = Discount (2.73 * (1 + 0.4327) / (0.8183 - 0.4327)) = 8.84
Company Value = ∑ (2.73 / (1 + 0.8183) ^ 5) = 7.31
Price = (Terminal Value + Company Value) / Count shares = (8.84 + 7.31) / 134200000 = 120.36

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) = 1.68
FCF Yield = 0.3512
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 = 0.0188
Debt = 1.53
Market Cap = 5.71
Weight Debt = Market Cap / (Market Cap + Debt) = 5.71 / (5.71 + 1.53) = 0.7885
Weight Cost Debt = 100% - 0.7885 = 0.2115
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 = -3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.5 * 5.94 + 0 = -0.18
WACC = (0.0188 / 1.53) * (100% - 0.7885) * (1 - 0.21) + -0.18 + 0.7885 = 0.8183
Terminal Value = Discount (1.68 * (1 + 0.3512) / (0.8183 - 0.3512)) = 6.36
Company Value = ∑ (1.68 / (1 + 0.8183) ^ 5) = 4.89
Price = (Terminal Value + Company Value) / Count shares = (6.36 + 4.89) / 134200000 = 83.8