OTC: CLRPF - Clarity Pharmaceuticals Ltd

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Ключевая ставка
Excess Key Rate — Желаемое превышение ключевой ставки
EPS = -0.1862
CAGR EPS = 0
Key Rate = 0.0533
Excess Key Rate = 2
Price = -0.1862 * (1 + 0) / (0.0533 * 2) = 1.7868

Price = (Terminal Value + Company Value) / Count shares
Price - Справедливая цена
Terminal Value — стоимость в постпрогнозный период
Company Value — стоимость в прогнозный период
Count shares - Количество акций
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.1196
FCF Yield = 0.3418
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Расходы на обслуживание долга
Debt - Долг
Weight Debt - Вес капитализации относительно долга
Weight Cost Debt - Вес долга относительно капитализации
Tax - Налог
Interest Expense = 0
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
Tax = 0.21
Cost Of Equity — ставка дисконтирования
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — безрисковая ставка доходности
β (beta) — коэффициент, характеризующий меру рыночного риска акций
Risk Premium — риск премиум — премия за риск вложения в акции
Country Premium - страновой риск
k(f) = 3.27
β = 13.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3.27 + 13.71 * 5.94 + 0 = 0.8473
WACC = (0 / 0) * (100% - 0) * (1 - 0.21) + 0.8473 + 0 = 0
Terminal Value = Discount (-0.1196 * (1 + 0.3418) / (0 - 0.3418)) = -0.4696
Company Value = ∑ (-0.1196 / (1 + 0) ^ 5) = -0.3616
Price = (Terminal Value + Company Value) / Count shares = (-0.4696 + -0.3616) / 132119999 = -6.29