NASDAQ: TCBI - Texas Capital Bancshares, 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 = 3.89
CAGR EPS = -9.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.89 * (1 + -9.47%) / (0.0433 * 2) = 40.67

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) = 0.1251
Ebitda Yield = -0.153
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 = 0.7158
Debt = 2.36
Market Cap = 2.86
Weight Debt = Market Cap / (Market Cap + Debt) = 2.86 / (2.86 + 2.36) = 0.548
Weight Cost Debt = 100% - 0.548 = 0.452
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.05 * 5.94 + 0 = 0.0924
WACC = (0.7158 / 2.36) * (100% - 0.548) * (1 - 0.21) + 0.0924 + 0.548 = 23.89
Terminal Value = Discount (0.1251 * (1 + -0.153) / (23.89 - -0.153)) = 0.0926
Company Value = ∑ (0.1251 / (1 + 23.89) ^ 5) = 0.5277
Price = (Terminal Value + Company Value) / Count shares = (0.0926 + 0.5277) / 48610000 = 12.76

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) = 0.971
FCF Yield = 0.2213
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 = 0.7158
Debt = 2.36
Market Cap = 2.86
Weight Debt = Market Cap / (Market Cap + Debt) = 2.86 / (2.86 + 2.36) = 0.548
Weight Cost Debt = 100% - 0.548 = 0.452
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.05 * 5.94 + 0 = 0.0924
WACC = (0.7158 / 2.36) * (100% - 0.548) * (1 - 0.21) + 0.0924 + 0.548 = 23.89
Terminal Value = Discount (0.971 * (1 + 0.2213) / (23.89 - 0.2213)) = 23.11
Company Value = ∑ (0.971 / (1 + 23.89) ^ 5) = 1.71
Price = (Terminal Value + Company Value) / Count shares = (23.11 + 1.71) / 48610000 = 510.64