NASDAQ: CARG - CarGurus, Inc.

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 = 0.1974
CAGR EPS = -21.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1974 * (1 + -21.92%) / (0.0433 * 2) = 1.78

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) = 0.2519
Ebitda Yield = 0.0777
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 = 0.0038
Debt = 0.1927
Market Cap = 2.05
Weight Debt = Market Cap / (Market Cap + Debt) = 2.05 / (2.05 + 0.1927) = 0.9141
Weight Cost Debt = 100% - 0.9141 = 0.0859
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 = 3.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.92 * 5.94 + 0 = 0.2631
WACC = (0.0038 / 0.1927) * (100% - 0.9141) * (1 - 0.21) + 0.2631 + 0.9141 = 1.78
Terminal Value = Discount (0.2519 * (1 + 0.0777) / (1.78 - 0.0777)) = 4.15
Company Value = ∑ (0.2519 / (1 + 1.78) ^ 5) = 1.03
Price = (Terminal Value + Company Value) / Count shares = (4.15 + 1.03) / 106260000 = 48.77

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) = 0.2102
FCF Yield = 0.0311
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 = 0.0038
Debt = 0.1927
Market Cap = 2.05
Weight Debt = Market Cap / (Market Cap + Debt) = 2.05 / (2.05 + 0.1927) = 0.9141
Weight Cost Debt = 100% - 0.9141 = 0.0859
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 = 3.92
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.92 * 5.94 + 0 = 0.2631
WACC = (0.0038 / 0.1927) * (100% - 0.9141) * (1 - 0.21) + 0.2631 + 0.9141 = 1.78
Terminal Value = Discount (0.2102 * (1 + 0.0311) / (1.78 - 0.0311)) = 14.94
Company Value = ∑ (0.2102 / (1 + 1.78) ^ 5) = 0.9375
Price = (Terminal Value + Company Value) / Count shares = (14.94 + 0.9375) / 106260000 = 149.41