NASDAQ: MRNA - Moderna

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 = -12.34
CAGR EPS = 51.43%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 61.43 + (61.43 * 51.43% / 100) = 93.02

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) = -17.33
Ebitda Yield = 0.3679
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 = 0.038
Debt = 1.24
Market Cap = 38.68
Weight Debt = Market Cap / (Market Cap + Debt) = 38.68 / (38.68 + 1.24) = 0.9689
Weight Cost Debt = 100% - 0.9689 = 0.0311
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 = -10.35
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -10.35 * 5.94 + 0 = -0.5885
WACC = (0.038 / 1.24) * (100% - 0.9689) * (1 - 0.21) + -0.5885 + 0.9689 = 1.82
Terminal Value = Discount (-17.33 * (1 + 0.3679) / (1.82 - 0.3679)) = -61.93
Company Value = ∑ (-17.33 / (1 + 1.82) ^ 5) = -47.78
Price = (Terminal Value + Company Value) / Count shares = (-61.93 + -47.78) / 382000000 = -287.19

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) = -21.05
FCF Yield = 0.4064
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 = 0.038
Debt = 1.24
Market Cap = 38.68
Weight Debt = Market Cap / (Market Cap + Debt) = 38.68 / (38.68 + 1.24) = 0.9689
Weight Cost Debt = 100% - 0.9689 = 0.0311
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 = -10.35
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -10.35 * 5.94 + 0 = -0.5885
WACC = (0.038 / 1.24) * (100% - 0.9689) * (1 - 0.21) + -0.5885 + 0.9689 = 1.82
Terminal Value = Discount (-21.05 * (1 + 0.4064) / (1.82 - 0.4064)) = -69.67
Company Value = ∑ (-21.05 / (1 + 1.82) ^ 5) = -55.81
Price = (Terminal Value + Company Value) / Count shares = (-69.67 + -55.81) / 382000000 = -328.48