NASDAQ: SMSI - Smith Micro Software, Inc.

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 = -3.01
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.93 + (3.93 * 8.66% / 100) = 4.26

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) = 0.000734
Ebitda Yield = -1.59
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 = 0.0064
Debt = 0.0033
Market Cap = 0.0764
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0764 / (0.0764 + 0.0033) = 0.959
Weight Cost Debt = 100% - 0.959 = 0.041
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 = 5.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.77 * 5.94 + 0 = 0.3727
WACC = (0.0064 / 0.0033) * (100% - 0.959) * (1 - 0.21) + 0.3727 + 0.959 = 152.72
Terminal Value = Discount (0.000734 * (1 + -1.59) / (152.72 - -1.59)) = 0
Company Value = ∑ (0.000734 / (1 + 152.72) ^ 5) = 0.002
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.002) / 64920000 = 0.0305

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) = 0.000428
FCF Yield = -1.57
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 = 0.0064
Debt = 0.0033
Market Cap = 0.0764
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0764 / (0.0764 + 0.0033) = 0.959
Weight Cost Debt = 100% - 0.959 = 0.041
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 = 5.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 5.77 * 5.94 + 0 = 0.3727
WACC = (0.0064 / 0.0033) * (100% - 0.959) * (1 - 0.21) + 0.3727 + 0.959 = 152.72
Terminal Value = Discount (0.000428 * (1 + -1.57) / (152.72 - -1.57)) = 0
Company Value = ∑ (0.000428 / (1 + 152.72) ^ 5) = 0.0013
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0013) / 64920000 = 0.0198