NASDAQ: ADSK - Autodesk

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 = 4.19
CAGR EPS = 34.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.19 * (1 + 34.19%) / (0.0433 * 2) = 64.99

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) = 2.64
Ebitda Yield = 0.1675
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 = 0.008
Debt = 2.63
Market Cap = 42.68
Weight Debt = Market Cap / (Market Cap + Debt) = 42.68 / (42.68 + 2.63) = 0.942
Weight Cost Debt = 100% - 0.942 = 0.058
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) = 2.82
β = 1.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.94 * 5.94 + 0 = 0.1435
WACC = (0.008 / 2.63) * (100% - 0.942) * (1 - 0.21) + 0.1435 + 0.942 = 0.3736
Terminal Value = Discount (2.64 * (1 + 0.1675) / (0.3736 - 0.1675)) = 18.5
Company Value = ∑ (2.64 / (1 + 0.3736) ^ 5) = 9.81
Price = (Terminal Value + Company Value) / Count shares = (18.5 + 9.81) / 216000000 = 131.08

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) = 1.22
FCF Yield = -0.0094
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 = 0.008
Debt = 2.63
Market Cap = 42.68
Weight Debt = Market Cap / (Market Cap + Debt) = 42.68 / (42.68 + 2.63) = 0.942
Weight Cost Debt = 100% - 0.942 = 0.058
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) = 2.82
β = 1.94
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.94 * 5.94 + 0 = 0.1435
WACC = (0.008 / 2.63) * (100% - 0.942) * (1 - 0.21) + 0.1435 + 0.942 = 0.3736
Terminal Value = Discount (1.22 * (1 + -0.0094) / (0.3736 - -0.0094)) = 90.56
Company Value = ∑ (1.22 / (1 + 0.3736) ^ 5) = 6.16
Price = (Terminal Value + Company Value) / Count shares = (90.56 + 6.16) / 216000000 = 447.77