NASDAQ: SMMT - Summit Therapeutics 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 = -0.308
CAGR EPS = 88.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.79 + (11.79 * 88.33% / 100) = 22.2

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) = 0.000551
Ebitda Yield = 0.1198
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 = 0.0087
Debt = 0.0072
Market Cap = 1.39
Weight Debt = Market Cap / (Market Cap + Debt) = 1.39 / (1.39 + 0.0072) = 0.9948
Weight Cost Debt = 100% - 0.9948 = 0.0052
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 = 0.2367
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.2367 * 5.94 + 0 = 0.038
WACC = (0.0087 / 0.0072) * (100% - 0.9948) * (1 - 0.21) + 0.038 + 0.9948 = 94.16
Terminal Value = Discount (0.000551 * (1 + 0.1198) / (94.16 - 0.1198)) = 2.7E-5
Company Value = ∑ (0.000551 / (1 + 94.16) ^ 5) = 0.000399
Price = (Terminal Value + Company Value) / Count shares = (2.7E-5 + 0.000399) / 718540000 = 0.000594

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) = -0.6965
FCF Yield = 0.374
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 = 0.0087
Debt = 0.0072
Market Cap = 1.39
Weight Debt = Market Cap / (Market Cap + Debt) = 1.39 / (1.39 + 0.0072) = 0.9948
Weight Cost Debt = 100% - 0.9948 = 0.0052
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 = 0.2367
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.2367 * 5.94 + 0 = 0.038
WACC = (0.0087 / 0.0072) * (100% - 0.9948) * (1 - 0.21) + 0.038 + 0.9948 = 94.16
Terminal Value = Discount (-0.6965 * (1 + 0.374) / (94.16 - 0.374)) = -0.0611
Company Value = ∑ (-0.6965 / (1 + 94.16) ^ 5) = -0.2832
Price = (Terminal Value + Company Value) / Count shares = (-0.0611 + -0.2832) / 718540000 = -0.4792