NASDAQ: LSXMA - The Liberty SiriusXM 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 = 2.36
CAGR EPS = 1.28%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 26.24 + (26.24 * 1.28% / 100) = 26.58

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) = 2.94
Ebitda Yield = 0.0303
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 = 0.538
Debt = 11.14
Market Cap = 7.73
Weight Debt = Market Cap / (Market Cap + Debt) = 7.73 / (7.73 + 11.14) = 0.4097
Weight Cost Debt = 100% - 0.4097 = 0.5903
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.538 / 11.14) * (100% - 0.4097) * (1 - 0.21) + 0.03 + 0.4097 = 3.81
Terminal Value = Discount (2.94 * (1 + 0.0303) / (3.81 - 0.0303)) = 320.51
Company Value = ∑ (2.94 / (1 + 3.81) ^ 5) = 12.36
Price = (Terminal Value + Company Value) / Count shares = (320.51 + 12.36) / 352000000 = 945.65

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) = 0.9299
FCF Yield = -0.0459
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 = 0.538
Debt = 11.14
Market Cap = 7.73
Weight Debt = Market Cap / (Market Cap + Debt) = 7.73 / (7.73 + 11.14) = 0.4097
Weight Cost Debt = 100% - 0.4097 = 0.5903
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.538 / 11.14) * (100% - 0.4097) * (1 - 0.21) + 0.03 + 0.4097 = 3.81
Terminal Value = Discount (0.9299 * (1 + -0.0459) / (3.81 - -0.0459)) = 8.76
Company Value = ∑ (0.9299 / (1 + 3.81) ^ 5) = 4.6
Price = (Terminal Value + Company Value) / Count shares = (8.76 + 4.6) / 352000000 = 37.94