NASDAQ: PASG - Passage Bio, 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 = -1.86
CAGR EPS = 9.95%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.922 + (0.922 * 9.95% / 100) = 1.01

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) = -0.2759
Ebitda Yield = 0.2291
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 = 0.0023
Debt = 0.0263
Market Cap = 0.0414
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0414 / (0.0414 + 0.0263) = 0.6116
Weight Cost Debt = 100% - 0.6116 = 0.3884
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) = 2.89
β = -1.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.91 * 5.94 + 0 = -0.0843
WACC = (0.0023 / 0.0263) * (100% - 0.6116) * (1 - 0.21) + -0.0843 + 0.6116 = 6.82
Terminal Value = Discount (-0.2759 * (1 + 0.2291) / (6.82 - 0.2291)) = -1.51
Company Value = ∑ (-0.2759 / (1 + 6.82) ^ 5) = -0.764
Price = (Terminal Value + Company Value) / Count shares = (-1.51 + -0.764) / 54740000 = -41.63

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) = -0.13
FCF Yield = 0.1064
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 = 0.0023
Debt = 0.0263
Market Cap = 0.0414
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0414 / (0.0414 + 0.0263) = 0.6116
Weight Cost Debt = 100% - 0.6116 = 0.3884
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) = 2.89
β = -1.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.91 * 5.94 + 0 = -0.0843
WACC = (0.0023 / 0.0263) * (100% - 0.6116) * (1 - 0.21) + -0.0843 + 0.6116 = 6.82
Terminal Value = Discount (-0.13 * (1 + 0.1064) / (6.82 - 0.1064)) = -2.71
Company Value = ∑ (-0.13 / (1 + 6.82) ^ 5) = -0.4362
Price = (Terminal Value + Company Value) / Count shares = (-2.71 + -0.4362) / 54740000 = -57.4