NASDAQ: BTRS - BTRS Holdings 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 = -0.42
CAGR EPS = 18.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.69 + (8.69 * 18.47% / 100) = 10.29

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) = -0.0498
Ebitda Yield = 0
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
Debt = 0.0354
Market Cap = 1.59
Weight Debt = Market Cap / (Market Cap + Debt) = 1.59 / (1.59 + 0.0354) = 0.9782
Weight Cost Debt = 100% - 0.9782 = 0.0218
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.0354) * (100% - 0.9782) * (1 - 0.21) + 0.0289 + 0.9782 = 0.0283
Terminal Value = Discount (-0.0498 * (1 + 0) / (0.0283 - 0)) = -175.91
Company Value = ∑ (-0.0498 / (1 + 0.0283) ^ 5) = -0.2488
Price = (Terminal Value + Company Value) / Count shares = (-175.91 + -0.2488) / 145000000 = -1214.86

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) = -0.0087
FCF Yield = -0.0468
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
Debt = 0.0354
Market Cap = 1.59
Weight Debt = Market Cap / (Market Cap + Debt) = 1.59 / (1.59 + 0.0354) = 0.9782
Weight Cost Debt = 100% - 0.9782 = 0.0218
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0 / 0.0354) * (100% - 0.9782) * (1 - 0.21) + 0.0289 + 0.9782 = 0.0283
Terminal Value = Discount (-0.0087 * (1 + -0.0468) / (0.0283 - -0.0468)) = -0.175
Company Value = ∑ (-0.0087 / (1 + 0.0283) ^ 5) = -0.0477
Price = (Terminal Value + Company Value) / Count shares = (-0.175 + -0.0477) / 145000000 = -1.54