NASDAQ: CHKP - Check Point Software

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 = 7.1
CAGR EPS = 5.51%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.1 * (1 + 5.51%) / (0.0433 * 2) = 86.51

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) = 1.13
Ebitda Yield = 0.0197
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 = 0.0023
Debt = 0.0261
Market Cap = 15.4
Weight Debt = Market Cap / (Market Cap + Debt) = 15.4 / (15.4 + 0.0261) = 0.9983
Weight Cost Debt = 100% - 0.9983 = 0.0017
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 = -2.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.07 * 5.94 + 0 = -0.0947
WACC = (0.0023 / 0.0261) * (100% - 0.9983) * (1 - 0.21) + -0.0947 + 0.9983 = 6.8
Terminal Value = Discount (1.13 * (1 + 0.0197) / (6.8 - 0.0197)) = 17.15
Company Value = ∑ (1.13 / (1 + 6.8) ^ 5) = 4.46
Price = (Terminal Value + Company Value) / Count shares = (17.15 + 4.46) / 118350000 = 182.6

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) = 0.9733
FCF Yield = -0.0092
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 = 0.0023
Debt = 0.0261
Market Cap = 15.4
Weight Debt = Market Cap / (Market Cap + Debt) = 15.4 / (15.4 + 0.0261) = 0.9983
Weight Cost Debt = 100% - 0.9983 = 0.0017
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 = -2.07
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -2.07 * 5.94 + 0 = -0.0947
WACC = (0.0023 / 0.0261) * (100% - 0.9983) * (1 - 0.21) + -0.0947 + 0.9983 = 6.8
Terminal Value = Discount (0.9733 * (1 + -0.0092) / (6.8 - -0.0092)) = 8.99
Company Value = ∑ (0.9733 / (1 + 6.8) ^ 5) = 4.09
Price = (Terminal Value + Company Value) / Count shares = (8.99 + 4.09) / 118350000 = 110.57