NASDAQ: ATVI - Activision Blizzard

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 = 1.92
CAGR EPS = 3.8%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.92 * (1 + 3.8%) / (0.0433 * 2) = 22.99

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) = 2.23
Ebitda Yield = -0.0074
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 = 0.108
Debt = 3.61
Market Cap = 71.18
Weight Debt = Market Cap / (Market Cap + Debt) = 71.18 / (71.18 + 3.61) = 0.9517
Weight Cost Debt = 100% - 0.9517 = 0.0483
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.108 / 3.61) * (100% - 0.9517) * (1 - 0.21) + 0.03 + 0.9517 = 2.37
Terminal Value = Discount (2.23 * (1 + -0.0074) / (2.37 - -0.0074)) = 63.18
Company Value = ∑ (2.23 / (1 + 2.37) ^ 5) = 10.54
Price = (Terminal Value + Company Value) / Count shares = (63.18 + 10.54) / 789000000 = 93.43

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) = 2.34
FCF Yield = 0.0278
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 = 0.108
Debt = 3.61
Market Cap = 71.18
Weight Debt = Market Cap / (Market Cap + Debt) = 71.18 / (71.18 + 3.61) = 0.9517
Weight Cost Debt = 100% - 0.9517 = 0.0483
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.108 / 3.61) * (100% - 0.9517) * (1 - 0.21) + 0.03 + 0.9517 = 2.37
Terminal Value = Discount (2.34 * (1 + 0.0278) / (2.37 - 0.0278)) = 524.67
Company Value = ∑ (2.34 / (1 + 2.37) ^ 5) = 10.32
Price = (Terminal Value + Company Value) / Count shares = (524.67 + 10.32) / 789000000 = 678.07