NASDAQ: FISV - Fiserv

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 = 3.9
CAGR EPS = 17.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.9 * (1 + 17.56%) / (0.0433 * 2) = 52.94

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) = 13.15
Ebitda Yield = 0.1354
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 = 0.733
Debt = 21.42
Market Cap = 74.41
Weight Debt = Market Cap / (Market Cap + Debt) = 74.41 / (74.41 + 21.42) = 0.7765
Weight Cost Debt = 100% - 0.7765 = 0.2235
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 = 0.366
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.366 * 5.94 + 0 = 0.0499
WACC = (0.733 / 21.42) * (100% - 0.7765) * (1 - 0.21) + 0.0499 + 0.7765 = 2.72
Terminal Value = Discount (13.15 * (1 + 0.1354) / (2.72 - 0.1354)) = 120.7
Company Value = ∑ (13.15 / (1 + 2.72) ^ 5) = 47.53
Price = (Terminal Value + Company Value) / Count shares = (120.7 + 47.53) / 647900000 = 259.66

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) = 5.21
FCF Yield = 0.0861
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 = 0.733
Debt = 21.42
Market Cap = 74.41
Weight Debt = Market Cap / (Market Cap + Debt) = 74.41 / (74.41 + 21.42) = 0.7765
Weight Cost Debt = 100% - 0.7765 = 0.2235
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 = 0.366
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.366 * 5.94 + 0 = 0.0499
WACC = (0.733 / 21.42) * (100% - 0.7765) * (1 - 0.21) + 0.0499 + 0.7765 = 2.72
Terminal Value = Discount (5.21 * (1 + 0.0861) / (2.72 - 0.0861)) = 84.13
Company Value = ∑ (5.21 / (1 + 2.72) ^ 5) = 20.45
Price = (Terminal Value + Company Value) / Count shares = (84.13 + 20.45) / 647900000 = 161.41