NASDAQ: VALN - Valneva SE

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 = -0.7317
CAGR EPS = 39.82%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.95 + (6.95 * 39.82% / 100) = 9.71

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) = 0.0409
Ebitda Yield = -1.93
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 = 0.0233
Debt = 0.1797
Market Cap = 0.8989
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8989 / (0.8989 + 0.1797) = 0.8334
Weight Cost Debt = 100% - 0.8334 = 0.1666
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 = -4.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.34 * 5.94 + 0 = -0.2302
WACC = (0.0233 / 0.1797) * (100% - 0.8334) * (1 - 0.21) + -0.2302 + 0.8334 = 9.98
Terminal Value = Discount (0.0409 * (1 + -1.93) / (9.98 - -1.93)) = -0.0117
Company Value = ∑ (0.0409 / (1 + 9.98) ^ 5) = 0.0382
Price = (Terminal Value + Company Value) / Count shares = (-0.0117 + 0.0382) / 138620000 = 0.1912

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) = -5.06
FCF Yield = 0.8775
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 = 0.0233
Debt = 0.1797
Market Cap = 0.8989
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8989 / (0.8989 + 0.1797) = 0.8334
Weight Cost Debt = 100% - 0.8334 = 0.1666
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 = -4.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -4.34 * 5.94 + 0 = -0.2302
WACC = (0.0233 / 0.1797) * (100% - 0.8334) * (1 - 0.21) + -0.2302 + 0.8334 = 9.98
Terminal Value = Discount (-5.06 * (1 + 0.8775) / (9.98 - 0.8775)) = -7.6
Company Value = ∑ (-5.06 / (1 + 9.98) ^ 5) = -7.07
Price = (Terminal Value + Company Value) / Count shares = (-7.6 + -7.07) / 138620000 = -105.84