NASDAQ: MELI - MercadoLibre, Inc.

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 = 19.35
CAGR EPS = 49.55%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 19.35 * (1 + 49.55%) / (0.0458 * 2) = 315.93

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) = 80.58
Ebitda Yield = 1.05
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 = 0.331
Debt = 4.57
Market Cap = 60.09
Weight Debt = Market Cap / (Market Cap + Debt) = 60.09 / (60.09 + 4.57) = 0.9294
Weight Cost Debt = 100% - 0.9294 = 0.0706
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) = 2.6
β = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.38 * 5.94 + 0 = 0.2862
WACC = (0.331 / 4.57) * (100% - 0.9294) * (1 - 0.21) + 0.2862 + 0.9294 = 5.94
Terminal Value = Discount (80.58 * (1 + 1.05) / (5.94 - 1.05)) = 124.97
Company Value = ∑ (80.58 / (1 + 5.94) ^ 5) = 120.36
Price = (Terminal Value + Company Value) / Count shares = (124.97 + 120.36) / 51010000 = 4809.45

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) = 32.64
FCF Yield = 0.5265
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 = 0.331
Debt = 4.57
Market Cap = 60.09
Weight Debt = Market Cap / (Market Cap + Debt) = 60.09 / (60.09 + 4.57) = 0.9294
Weight Cost Debt = 100% - 0.9294 = 0.0706
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) = 2.6
β = 4.38
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.38 * 5.94 + 0 = 0.2862
WACC = (0.331 / 4.57) * (100% - 0.9294) * (1 - 0.21) + 0.2862 + 0.9294 = 5.94
Terminal Value = Discount (32.64 * (1 + 0.5265) / (5.94 - 0.5265)) = 79.93
Company Value = ∑ (32.64 / (1 + 5.94) ^ 5) = 67.06
Price = (Terminal Value + Company Value) / Count shares = (79.93 + 67.06) / 51010000 = 2881.73