NASDAQ: CECE - CECO Environmental Corp.

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 = 0.296
CAGR EPS = 28.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.296 * (1 + 28.05%) / (0.0433 * 2) = 4.38

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) = 0.0371
Ebitda Yield = 0.0438
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 = 0.0043
Debt = 0.1232
Market Cap = 0.4109
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4109 / (0.4109 + 0.1232) = 0.7693
Weight Cost Debt = 100% - 0.7693 = 0.2307
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0043 / 0.1232) * (100% - 0.7693) * (1 - 0.21) + 0.0282 + 0.7693 = 2.76
Terminal Value = Discount (0.0371 * (1 + 0.0438) / (2.76 - 0.0438)) = 2.08
Company Value = ∑ (0.0371 / (1 + 2.76) ^ 5) = 0.1567
Price = (Terminal Value + Company Value) / Count shares = (2.08 + 0.1567) / 34870000 = 64.05

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) = 0.02
FCF Yield = 0.005
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 = 0.0043
Debt = 0.1232
Market Cap = 0.4109
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4109 / (0.4109 + 0.1232) = 0.7693
Weight Cost Debt = 100% - 0.7693 = 0.2307
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.0043 / 0.1232) * (100% - 0.7693) * (1 - 0.21) + 0.0282 + 0.7693 = 2.76
Terminal Value = Discount (0.02 * (1 + 0.005) / (2.76 - 0.005)) = 0.7774
Company Value = ∑ (0.02 / (1 + 2.76) ^ 5) = 0.0913
Price = (Terminal Value + Company Value) / Count shares = (0.7774 + 0.0913) / 34870000 = 24.91