NASDAQ: GSKY - GreenSky

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 = 1.14
CAGR EPS = 22.69%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.2 + (10.2 * 22.69% / 100) = 12.51

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) = 0.2031
Ebitda Yield = 0.119
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 = 0.0665
Debt = 0.4641
Market Cap = 1.34
Weight Debt = Market Cap / (Market Cap + Debt) = 1.34 / (1.34 + 0.4641) = 0.7428
Weight Cost Debt = 100% - 0.7428 = 0.2572
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 = (0.0665 / 0.4641) * (100% - 0.7428) * (1 - 0.21) + 0.0282 + 0.7428 = 11.26
Terminal Value = Discount (0.2031 * (1 + 0.119) / (11.26 - 0.119)) = 20.86
Company Value = ∑ (0.2031 / (1 + 11.26) ^ 5) = 0.5891
Price = (Terminal Value + Company Value) / Count shares = (20.86 + 0.5891) / 103050000 = 208.13

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) = 1.34
FCF Yield = 0.1629
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 = 0.0665
Debt = 0.4641
Market Cap = 1.34
Weight Debt = Market Cap / (Market Cap + Debt) = 1.34 / (1.34 + 0.4641) = 0.7428
Weight Cost Debt = 100% - 0.7428 = 0.2572
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 = (0.0665 / 0.4641) * (100% - 0.7428) * (1 - 0.21) + 0.0282 + 0.7428 = 11.26
Terminal Value = Discount (1.34 * (1 + 0.1629) / (11.26 - 0.1629)) = 18.2
Company Value = ∑ (1.34 / (1 + 11.26) ^ 5) = 3.61
Price = (Terminal Value + Company Value) / Count shares = (18.2 + 3.61) / 103050000 = 211.6