NASDAQ: FWONK - Formula One Group

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 = 0.7708
CAGR EPS = 20.79%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.7708 * (1 + 20.79%) / (0.0433 * 2) = 10.75

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) = 2.06
Ebitda Yield = 0.2104
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 = 0.214
Debt = 2.91
Market Cap = 15.36
Weight Debt = Market Cap / (Market Cap + Debt) = 15.36 / (15.36 + 2.91) = 0.8409
Weight Cost Debt = 100% - 0.8409 = 0.1591
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) = 2.89
β = 2.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.31 * 5.94 + 0 = 0.1661
WACC = (0.214 / 2.91) * (100% - 0.8409) * (1 - 0.21) + 0.1661 + 0.8409 = 5.91
Terminal Value = Discount (2.06 * (1 + 0.2104) / (5.91 - 0.2104)) = 12.38
Company Value = ∑ (2.06 / (1 + 5.91) ^ 5) = 6.03
Price = (Terminal Value + Company Value) / Count shares = (12.38 + 6.03) / 240000000 = 76.73

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) = 0.1571
FCF Yield = -0.0404
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 = 0.214
Debt = 2.91
Market Cap = 15.36
Weight Debt = Market Cap / (Market Cap + Debt) = 15.36 / (15.36 + 2.91) = 0.8409
Weight Cost Debt = 100% - 0.8409 = 0.1591
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) = 2.89
β = 2.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.31 * 5.94 + 0 = 0.1661
WACC = (0.214 / 2.91) * (100% - 0.8409) * (1 - 0.21) + 0.1661 + 0.8409 = 5.91
Terminal Value = Discount (0.1571 * (1 + -0.0404) / (5.91 - -0.0404)) = 1.14
Company Value = ∑ (0.1571 / (1 + 5.91) ^ 5) = 0.7249
Price = (Terminal Value + Company Value) / Count shares = (1.14 + 0.7249) / 240000000 = 7.76