NASDAQ: PACB - Pacific Biosciences of California, Inc.

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 = -1.21
CAGR EPS = 26.84%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.2 + (2.2 * 26.84% / 100) = 2.79

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) = -0.6397
Ebitda Yield = 0.182
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 = 0.0143
Debt = 0.9023
Market Cap = 2.6
Weight Debt = Market Cap / (Market Cap + Debt) = 2.6 / (2.6 + 0.9023) = 0.7424
Weight Cost Debt = 100% - 0.7424 = 0.2576
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) = 2.39
β = 1.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.92 * 5.94 + 0 = 0.1378
WACC = (0.0143 / 0.9023) * (100% - 0.7424) * (1 - 0.21) + 0.1378 + 0.7424 = 1.35
Terminal Value = Discount (-0.6397 * (1 + 0.182) / (1.35 - 0.182)) = -4.2
Company Value = ∑ (-0.6397 / (1 + 1.35) ^ 5) = -2.25
Price = (Terminal Value + Company Value) / Count shares = (-4.2 + -2.25) / 253630000 = -25.42

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) = -0.7127
FCF Yield = 0.2161
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 = 0.0143
Debt = 0.9023
Market Cap = 2.6
Weight Debt = Market Cap / (Market Cap + Debt) = 2.6 / (2.6 + 0.9023) = 0.7424
Weight Cost Debt = 100% - 0.7424 = 0.2576
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) = 2.39
β = 1.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.92 * 5.94 + 0 = 0.1378
WACC = (0.0143 / 0.9023) * (100% - 0.7424) * (1 - 0.21) + 0.1378 + 0.7424 = 1.35
Terminal Value = Discount (-0.7127 * (1 + 0.2161) / (1.35 - 0.2161)) = -4
Company Value = ∑ (-0.7127 / (1 + 1.35) ^ 5) = -2.39
Price = (Terminal Value + Company Value) / Count shares = (-4 + -2.39) / 253630000 = -25.21