NASDAQ: ALTR - Altair Engineering

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -0.1107
CAGR EPS = 0.9952%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 101.07 + (101.07 * 0.9952% / 100) = 102.08

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0951
Ebitda Yield = 0.1046
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 = 0.0061
Debt = 0.3162
Market Cap = 4.96
Weight Debt = Market Cap / (Market Cap + Debt) = 4.96 / (4.96 + 0.3162) = 0.9401
Weight Cost Debt = 100% - 0.9401 = 0.0599
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) = 3
β = 1.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.75 * 5.94 + 0 = 0.1337
WACC = (0.0061 / 0.3162) * (100% - 0.9401) * (1 - 0.21) + 0.1337 + 0.9401 = 1.64
Terminal Value = Discount (0.0951 * (1 + 0.1046) / (1.64 - 0.1046)) = 1.1
Company Value = ∑ (0.0951 / (1 + 1.64) ^ 5) = 0.3739
Price = (Terminal Value + Company Value) / Count shares = (1.1 + 0.3739) / 80600000 = 18.27

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) = 0.4782
FCF Yield = 0.325
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 = 0.0061
Debt = 0.3162
Market Cap = 4.96
Weight Debt = Market Cap / (Market Cap + Debt) = 4.96 / (4.96 + 0.3162) = 0.9401
Weight Cost Debt = 100% - 0.9401 = 0.0599
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) = 3
β = 1.75
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.75 * 5.94 + 0 = 0.1337
WACC = (0.0061 / 0.3162) * (100% - 0.9401) * (1 - 0.21) + 0.1337 + 0.9401 = 1.64
Terminal Value = Discount (0.4782 * (1 + 0.325) / (1.64 - 0.325)) = 1.89
Company Value = ∑ (0.4782 / (1 + 1.64) ^ 5) = 1.39
Price = (Terminal Value + Company Value) / Count shares = (1.89 + 1.39) / 80600000 = 40.74