NASDAQ: KRYS - Krystal Biotech, 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 = 0.3939
CAGR EPS = 18.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3939 * (1 + 18.41%) / (0.0433 * 2) = 5.39

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) = 0.0436
Ebitda Yield = 0.195
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 = 0.0052
Debt = 0.0081
Market Cap = 3.33
Weight Debt = Market Cap / (Market Cap + Debt) = 3.33 / (3.33 + 0.0081) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 3
β = -1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.1 * 5.94 + 0 = -0.0356
WACC = (0.0052 / 0.0081) * (100% - 0.9976) * (1 - 0.21) + -0.0356 + 0.9976 = 50.21
Terminal Value = Discount (0.0436 * (1 + 0.195) / (50.21 - 0.195)) = 0.0222
Company Value = ∑ (0.0436 / (1 + 50.21) ^ 5) = 0.0475
Price = (Terminal Value + Company Value) / Count shares = (0.0222 + 0.0475) / 27750000 = 2.51

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) = -0.3144
FCF Yield = 0.2559
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 = 0.0052
Debt = 0.0081
Market Cap = 3.33
Weight Debt = Market Cap / (Market Cap + Debt) = 3.33 / (3.33 + 0.0081) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 3
β = -1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.1 * 5.94 + 0 = -0.0356
WACC = (0.0052 / 0.0081) * (100% - 0.9976) * (1 - 0.21) + -0.0356 + 0.9976 = 50.21
Terminal Value = Discount (-0.3144 * (1 + 0.2559) / (50.21 - 0.2559)) = -0.2097
Company Value = ∑ (-0.3144 / (1 + 50.21) ^ 5) = -0.3035
Price = (Terminal Value + Company Value) / Count shares = (-0.2097 + -0.3035) / 27750000 = -18.49