NASDAQ: NBIX - Neurocrine Biosciences

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 = 2.47
CAGR EPS = 44.93%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.47 * (1 + 44.93%) / (0.0458 * 2) = 39.12

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) = 0.5179
Ebitda Yield = 0.0766
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 = 0.0046
Debt = 0.4284
Market Cap = 10.44
Weight Debt = Market Cap / (Market Cap + Debt) = 10.44 / (10.44 + 0.4284) = 0.9606
Weight Cost Debt = 100% - 0.9606 = 0.0394
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) = 2.75
β = -1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.85 * 5.94 + 0 = -0.0824
WACC = (0.0046 / 0.4284) * (100% - 0.9606) * (1 - 0.21) + -0.0824 + 0.9606 = 0.7609
Terminal Value = Discount (0.5179 * (1 + 0.0766) / (0.7609 - 0.0766)) = 7.78
Company Value = ∑ (0.5179 / (1 + 0.7609) ^ 5) = 2.19
Price = (Terminal Value + Company Value) / Count shares = (7.78 + 2.19) / 101000000 = 98.72

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) = 0.796
FCF Yield = 0.171
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 = 0.0046
Debt = 0.4284
Market Cap = 10.44
Weight Debt = Market Cap / (Market Cap + Debt) = 10.44 / (10.44 + 0.4284) = 0.9606
Weight Cost Debt = 100% - 0.9606 = 0.0394
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) = 2.75
β = -1.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.85 * 5.94 + 0 = -0.0824
WACC = (0.0046 / 0.4284) * (100% - 0.9606) * (1 - 0.21) + -0.0824 + 0.9606 = 0.7609
Terminal Value = Discount (0.796 * (1 + 0.171) / (0.7609 - 0.171)) = 5.49
Company Value = ∑ (0.796 / (1 + 0.7609) ^ 5) = 2.9
Price = (Terminal Value + Company Value) / Count shares = (5.49 + 2.9) / 101000000 = 83.13