NYSE: BHVN - Biohaven Pharmaceutical Holding Company Ltd.

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 = -5.73
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 38.87 + (38.87 * 9.16% / 100) = 42.43

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) = -0.3639
Ebitda Yield = -0.0324
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 = 0.0014
Debt = 0.0309
Market Cap = 1.32
Weight Debt = Market Cap / (Market Cap + Debt) = 1.32 / (1.32 + 0.0309) = 0.9771
Weight Cost Debt = 100% - 0.9771 = 0.0229
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 = 0.9869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9869 * 5.94 + 0 = 0.0861
WACC = (0.0014 / 0.0309) * (100% - 0.9771) * (1 - 0.21) + 0.0861 + 0.9771 = 3.63
Terminal Value = Discount (-0.3639 * (1 + -0.0324) / (3.63 - -0.0324)) = -4.29
Company Value = ∑ (-0.3639 / (1 + 3.63) ^ 5) = -1.75
Price = (Terminal Value + Company Value) / Count shares = (-4.29 + -1.75) / 71200000 = -84.85

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) = -0.3019
FCF Yield = -0.0204
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 = 0.0014
Debt = 0.0309
Market Cap = 1.32
Weight Debt = Market Cap / (Market Cap + Debt) = 1.32 / (1.32 + 0.0309) = 0.9771
Weight Cost Debt = 100% - 0.9771 = 0.0229
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 = 0.9869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9869 * 5.94 + 0 = 0.0861
WACC = (0.0014 / 0.0309) * (100% - 0.9771) * (1 - 0.21) + 0.0861 + 0.9771 = 3.63
Terminal Value = Discount (-0.3019 * (1 + -0.0204) / (3.63 - -0.0204)) = -4.36
Company Value = ∑ (-0.3019 / (1 + 3.63) ^ 5) = -1.42
Price = (Terminal Value + Company Value) / Count shares = (-4.36 + -1.42) / 71200000 = -81.17