NASDAQ: ZGNX - Zogenix

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 = -4.06
CAGR EPS = 4.42%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 26.29 + (26.29 * 4.42% / 100) = 27.45

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) = -0.2734
Ebitda Yield = 0.0617
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 = 0.0153
Debt = 0.1685
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 0.1685) = 0.8972
Weight Cost Debt = 100% - 0.8972 = 0.1028
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 = -0.0696
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.0696 * 5.94 + 0 = 0.0234
WACC = (0.0153 / 0.1685) * (100% - 0.8972) * (1 - 0.21) + 0.0234 + 0.8972 = 7.13
Terminal Value = Discount (-0.2734 * (1 + 0.0617) / (7.13 - 0.0617)) = -21.53
Company Value = ∑ (-0.2734 / (1 + 7.13) ^ 5) = -0.9862
Price = (Terminal Value + Company Value) / Count shares = (-21.53 + -0.9862) / 56000000 = -402.04

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) = -0.2772
FCF Yield = 0.0837
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 = 0.0153
Debt = 0.1685
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 0.1685) = 0.8972
Weight Cost Debt = 100% - 0.8972 = 0.1028
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 = -0.0696
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.0696 * 5.94 + 0 = 0.0234
WACC = (0.0153 / 0.1685) * (100% - 0.8972) * (1 - 0.21) + 0.0234 + 0.8972 = 7.13
Terminal Value = Discount (-0.2772 * (1 + 0.0837) / (7.13 - 0.0837)) = -17.1
Company Value = ∑ (-0.2772 / (1 + 7.13) ^ 5) = -0.9598
Price = (Terminal Value + Company Value) / Count shares = (-17.1 + -0.9598) / 56000000 = -322.55