NASDAQ: ACIW - ACI Worldwide

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 1.12
CAGR EPS = 14.39%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.12 * (1 + 14.39%) / (0.0433 * 2) = 14.74

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.5076
Ebitda Yield = 0.0711
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0785
Debt = 1.06
Market Cap = 2.47
Weight Debt = Market Cap / (Market Cap + Debt) = 2.47 / (2.47 + 1.06) = 0.6997
Weight Cost Debt = 100% - 0.6997 = 0.3003
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.89
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.04 * 5.94 + 0 = 0.0908
WACC = (0.0785 / 1.06) * (100% - 0.6997) * (1 - 0.21) + 0.0908 + 0.6997 = 5.87
Terminal Value = Discount (0.5076 * (1 + 0.0711) / (5.87 - 0.0711)) = 33.1
Company Value = ∑ (0.5076 / (1 + 5.87) ^ 5) = 1.86
Price = (Terminal Value + Company Value) / Count shares = (33.1 + 1.86) / 108860000 = 321.15

Price = (Terminal Value + Company Value) / Count shares
Price - Fair pris
Terminal Value — kostnad i perioden etter prognose
Company Value — kostnad i prognoseperioden
Count shares - Antall aksjer
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.1773
FCF Yield = 0.0628
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - Gjeldsbetjeningskostnader
Debt - Plikt
Weight Debt - Kapitaliseringsvekt i forhold til gjeld
Weight Cost Debt - Gjeldsvekt i forhold til kapitalisering
Tax - Avgift
Interest Expense = 0.0785
Debt = 1.06
Market Cap = 2.47
Weight Debt = Market Cap / (Market Cap + Debt) = 2.47 / (2.47 + 1.06) = 0.6997
Weight Cost Debt = 100% - 0.6997 = 0.3003
Tax = 0.21
Cost Of Equity — diskonteringsrente
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — risikofri avkastning
β (beta) — bestemmer risikomålet for en aksje (aktiva) i forhold til markedet og viser sensitiviteten til endringer i aksjens lønnsomhet i forhold til endringer i markedslønnsomheten.
Risk Premium — risikopremie - premie for risikoen ved å investere i aksjer
Country Premium - landrisiko
k(f) = 2.89
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.04 * 5.94 + 0 = 0.0908
WACC = (0.0785 / 1.06) * (100% - 0.6997) * (1 - 0.21) + 0.0908 + 0.6997 = 5.87
Terminal Value = Discount (0.1773 * (1 + 0.0628) / (5.87 - 0.0628)) = 34.7
Company Value = ∑ (0.1773 / (1 + 5.87) ^ 5) = 0.6613
Price = (Terminal Value + Company Value) / Count shares = (34.7 + 0.6613) / 108860000 = 324.81