NASDAQ: NFLX - Netflix

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 = 12.03
CAGR EPS = 23.84%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.03 * (1 + 23.84%) / (0.0433 * 2) = 172.05

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) = 34.46
Ebitda Yield = 0.0989
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 = 0.6998
Debt = 14.54
Market Cap = 179.27
Weight Debt = Market Cap / (Market Cap + Debt) = 179.27 / (179.27 + 14.54) = 0.925
Weight Cost Debt = 100% - 0.925 = 0.075
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 = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.23 * 5.94 + 0 = -0.0449
WACC = (0.6998 / 14.54) * (100% - 0.925) * (1 - 0.21) + -0.0449 + 0.925 = 3.72
Terminal Value = Discount (34.46 * (1 + 0.0989) / (3.72 - 0.0989)) = 511.77
Company Value = ∑ (34.46 / (1 + 3.72) ^ 5) = 128.3
Price = (Terminal Value + Company Value) / Count shares = (511.77 + 128.3) / 449500000 = 1423.97

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) = 22.55
FCF Yield = 0.2662
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 = 0.6998
Debt = 14.54
Market Cap = 179.27
Weight Debt = Market Cap / (Market Cap + Debt) = 179.27 / (179.27 + 14.54) = 0.925
Weight Cost Debt = 100% - 0.925 = 0.075
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 = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.23 * 5.94 + 0 = -0.0449
WACC = (0.6998 / 14.54) * (100% - 0.925) * (1 - 0.21) + -0.0449 + 0.925 = 3.72
Terminal Value = Discount (22.55 * (1 + 0.2662) / (3.72 - 0.2662)) = 103.83
Company Value = ∑ (22.55 / (1 + 3.72) ^ 5) = 65.54
Price = (Terminal Value + Company Value) / Count shares = (103.83 + 65.54) / 449500000 = 376.79