NASDAQ: LLYVA - Liberty Live Group

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 = -1.55
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 40.17 + (40.17 * 9.16% / 100) = 43.84

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) = -10.76
Ebitda Yield = 2.55
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 = 0.01
Debt = 1.32
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.32) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = 2.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.65 * 5.94 + 0 = 0.1847
WACC = (0.01 / 1.32) * (100% - 0) * (1 - 0.21) + 0.1847 + 0 = 0.5998
Terminal Value = Discount (-10.76 * (1 + 2.55) / (0.5998 - 2.55)) = -14.57
Company Value = ∑ (-10.76 / (1 + 0.5998) ^ 5) = -14.54
Price = (Terminal Value + Company Value) / Count shares = (-14.57 + -14.54) / 91690000 = -317.52

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) = -0.0055
FCF Yield = -0.1567
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 = 0.01
Debt = 1.32
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 1.32) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = 2.65
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.65 * 5.94 + 0 = 0.1847
WACC = (0.01 / 1.32) * (100% - 0) * (1 - 0.21) + 0.1847 + 0 = 0.5998
Terminal Value = Discount (-0.0055 * (1 + -0.1567) / (0.5998 - -0.1567)) = -0.0279
Company Value = ∑ (-0.0055 / (1 + 0.5998) ^ 5) = -0.0395
Price = (Terminal Value + Company Value) / Count shares = (-0.0279 + -0.0395) / 91690000 = -0.735