NASDAQ: FSLR - First Solar

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 = 7.74
CAGR EPS = 55.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 140.26 + (140.26 * 55.52% / 100) = 218.14

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) = 4.2
Ebitda Yield = 0.2822
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 = 0.013
Debt = 0.5707
Market Cap = 19.43
Weight Debt = Market Cap / (Market Cap + Debt) = 19.43 / (19.43 + 0.5707) = 0.9715
Weight Cost Debt = 100% - 0.9715 = 0.0285
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 = 3.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.11 * 5.94 + 0 = 0.2131
WACC = (0.013 / 0.5707) * (100% - 0.9715) * (1 - 0.21) + 0.2131 + 0.9715 = 1.98
Terminal Value = Discount (4.2 * (1 + 0.2822) / (1.98 - 0.2822)) = 18.61
Company Value = ∑ (4.2 / (1 + 1.98) ^ 5) = 12.69
Price = (Terminal Value + Company Value) / Count shares = (18.61 + 12.69) / 107370000 = 291.49

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) = -1.14
FCF Yield = 0.0774
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 = 0.013
Debt = 0.5707
Market Cap = 19.43
Weight Debt = Market Cap / (Market Cap + Debt) = 19.43 / (19.43 + 0.5707) = 0.9715
Weight Cost Debt = 100% - 0.9715 = 0.0285
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 = 3.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.11 * 5.94 + 0 = 0.2131
WACC = (0.013 / 0.5707) * (100% - 0.9715) * (1 - 0.21) + 0.2131 + 0.9715 = 1.98
Terminal Value = Discount (-1.14 * (1 + 0.0774) / (1.98 - 0.0774)) = -19.33
Company Value = ∑ (-1.14 / (1 + 1.98) ^ 5) = -4.64
Price = (Terminal Value + Company Value) / Count shares = (-19.33 + -4.64) / 107370000 = -223.27