NASDAQ: VRNA - Verona Pharma plc

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 = -0.6885
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 40.71 + (40.71 * 8.66% / 100) = 44.23

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) = -0.0817
Ebitda Yield = 0.043
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 = 0.0021
Debt = 0.0496
Market Cap = 1.58
Weight Debt = Market Cap / (Market Cap + Debt) = 1.58 / (1.58 + 0.0496) = 0.9696
Weight Cost Debt = 100% - 0.9696 = 0.0304
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) = 3
β = 1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.03 * 5.94 + 0 = 0.0912
WACC = (0.0021 / 0.0496) * (100% - 0.9696) * (1 - 0.21) + 0.0912 + 0.9696 = 3.35
Terminal Value = Discount (-0.0817 * (1 + 0.043) / (3.35 - 0.043)) = -7.57
Company Value = ∑ (-0.0817 / (1 + 3.35) ^ 5) = -0.3403
Price = (Terminal Value + Company Value) / Count shares = (-7.57 + -0.3403) / 79270000 = -99.78

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) = -0.0955
FCF Yield = 0.0854
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 = 0.0021
Debt = 0.0496
Market Cap = 1.58
Weight Debt = Market Cap / (Market Cap + Debt) = 1.58 / (1.58 + 0.0496) = 0.9696
Weight Cost Debt = 100% - 0.9696 = 0.0304
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) = 3
β = 1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.03 * 5.94 + 0 = 0.0912
WACC = (0.0021 / 0.0496) * (100% - 0.9696) * (1 - 0.21) + 0.0912 + 0.9696 = 3.35
Terminal Value = Discount (-0.0955 * (1 + 0.0854) / (3.35 - 0.0854)) = -1.69
Company Value = ∑ (-0.0955 / (1 + 3.35) ^ 5) = -0.3681
Price = (Terminal Value + Company Value) / Count shares = (-1.69 + -0.3681) / 79270000 = -26.01