NASDAQ: ARRY - Array Technologies, Inc.

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 = 0.9028
CAGR EPS = 22.21%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.09 + (10.09 * 22.21% / 100) = 12.32

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) = 0.5815
Ebitda Yield = 0.1605
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 = 0.0442
Debt = 0.6882
Market Cap = 3.2
Weight Debt = Market Cap / (Market Cap + Debt) = 3.2 / (3.2 + 0.6882) = 0.823
Weight Cost Debt = 100% - 0.823 = 0.177
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 = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.52 * 5.94 + 0 = 0.119
WACC = (0.0442 / 0.6882) * (100% - 0.823) * (1 - 0.21) + 0.119 + 0.823 = 5.13
Terminal Value = Discount (0.5815 * (1 + 0.1605) / (5.13 - 0.1605)) = 4.81
Company Value = ∑ (0.5815 / (1 + 5.13) ^ 5) = 1.88
Price = (Terminal Value + Company Value) / Count shares = (4.81 + 1.88) / 152020000 = 43.99

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.1358
FCF Yield = -0.0878
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 = 0.0442
Debt = 0.6882
Market Cap = 3.2
Weight Debt = Market Cap / (Market Cap + Debt) = 3.2 / (3.2 + 0.6882) = 0.823
Weight Cost Debt = 100% - 0.823 = 0.177
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 = 1.52
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.52 * 5.94 + 0 = 0.119
WACC = (0.0442 / 0.6882) * (100% - 0.823) * (1 - 0.21) + 0.119 + 0.823 = 5.13
Terminal Value = Discount (0.1358 * (1 + -0.0878) / (5.13 - -0.0878)) = 0.6931
Company Value = ∑ (0.1358 / (1 + 5.13) ^ 5) = 0.7163
Price = (Terminal Value + Company Value) / Count shares = (0.6931 + 0.7163) / 152020000 = 9.27