NASDAQ: LEGN - Legend Biotech Corporation

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 = -2.94
CAGR EPS = 17.22%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 58.9 + (58.9 * 17.22% / 100) = 69.04

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) = -1.14
Ebitda Yield = 0.2193
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 = 0.0218
Debt = 0.2845
Market Cap = 12.03
Weight Debt = Market Cap / (Market Cap + Debt) = 12.03 / (12.03 + 0.2845) = 0.9769
Weight Cost Debt = 100% - 0.9769 = 0.0231
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 = -1.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.34 * 5.94 + 0 = -0.0538
WACC = (0.0218 / 0.2845) * (100% - 0.9769) * (1 - 0.21) + -0.0538 + 0.9769 = 5.94
Terminal Value = Discount (-1.14 * (1 + 0.2193) / (5.94 - 0.2193)) = -6.5
Company Value = ∑ (-1.14 / (1 + 5.94) ^ 5) = -3.28
Price = (Terminal Value + Company Value) / Count shares = (-6.5 + -3.28) / 176080000 = -55.51

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) = -1.63
FCF Yield = 0.2629
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 = 0.0218
Debt = 0.2845
Market Cap = 12.03
Weight Debt = Market Cap / (Market Cap + Debt) = 12.03 / (12.03 + 0.2845) = 0.9769
Weight Cost Debt = 100% - 0.9769 = 0.0231
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 = -1.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -1.34 * 5.94 + 0 = -0.0538
WACC = (0.0218 / 0.2845) * (100% - 0.9769) * (1 - 0.21) + -0.0538 + 0.9769 = 5.94
Terminal Value = Discount (-1.63 * (1 + 0.2629) / (5.94 - 0.2629)) = -7.56
Company Value = ∑ (-1.63 / (1 + 5.94) ^ 5) = -4.42
Price = (Terminal Value + Company Value) / Count shares = (-7.56 + -4.42) / 176080000 = -68.03