NASDAQ: IMAB - I-Mab

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 = -16.53
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.34 + (1.34 * 8.66% / 100) = 1.45

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) = -1.07
Ebitda Yield = -0.0247
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 = 0.000722
Debt = 0.1108
Market Cap = 0.1735
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1735 / (0.1735 + 0.1108) = 0.6103
Weight Cost Debt = 100% - 0.6103 = 0.3897
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 = 3.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.3 * 5.94 + 0 = 0.2245
WACC = (0.000722 / 0.1108) * (100% - 0.6103) * (1 - 0.21) + 0.2245 + 0.6103 = 0.6488
Terminal Value = Discount (-1.07 * (1 + -0.0247) / (0.6488 - -0.0247)) = -32.32
Company Value = ∑ (-1.07 / (1 + 0.6488) ^ 5) = -5.52
Price = (Terminal Value + Company Value) / Count shares = (-32.32 + -5.52) / 88650000 = -426.87

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) = -1.82
FCF Yield = 0.067
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 = 0.000722
Debt = 0.1108
Market Cap = 0.1735
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1735 / (0.1735 + 0.1108) = 0.6103
Weight Cost Debt = 100% - 0.6103 = 0.3897
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 = 3.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.3 * 5.94 + 0 = 0.2245
WACC = (0.000722 / 0.1108) * (100% - 0.6103) * (1 - 0.21) + 0.2245 + 0.6103 = 0.6488
Terminal Value = Discount (-1.82 * (1 + 0.067) / (0.6488 - 0.067)) = -31.06
Company Value = ∑ (-1.82 / (1 + 0.6488) ^ 5) = -7.87
Price = (Terminal Value + Company Value) / Count shares = (-31.06 + -7.87) / 88650000 = -439.16