NASDAQ: TENB - Tenable Holdings, 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 = -0.6783
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 42.6 + (42.6 * 8.66% / 100) = 46.28

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) = -0.0358
Ebitda Yield = -0.0725
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 = 0.0313
Debt = 0.3653
Market Cap = 5.15
Weight Debt = Market Cap / (Market Cap + Debt) = 5.15 / (5.15 + 0.3653) = 0.9338
Weight Cost Debt = 100% - 0.9338 = 0.0662
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 = 1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.25 * 5.94 + 0 = 0.1026
WACC = (0.0313 / 0.3653) * (100% - 0.9338) * (1 - 0.21) + 0.1026 + 0.9338 = 6.81
Terminal Value = Discount (-0.0358 * (1 + -0.0725) / (6.81 - -0.0725)) = -0.1698
Company Value = ∑ (-0.0358 / (1 + 6.81) ^ 5) = -0.1742
Price = (Terminal Value + Company Value) / Count shares = (-0.1698 + -0.1742) / 115410000 = -2.98

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) = 0.6638
FCF Yield = 0.363
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 = 0.0313
Debt = 0.3653
Market Cap = 5.15
Weight Debt = Market Cap / (Market Cap + Debt) = 5.15 / (5.15 + 0.3653) = 0.9338
Weight Cost Debt = 100% - 0.9338 = 0.0662
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 = 1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.25 * 5.94 + 0 = 0.1026
WACC = (0.0313 / 0.3653) * (100% - 0.9338) * (1 - 0.21) + 0.1026 + 0.9338 = 6.81
Terminal Value = Discount (0.6638 * (1 + 0.363) / (6.81 - 0.363)) = 2.21
Company Value = ∑ (0.6638 / (1 + 6.81) ^ 5) = 1.55
Price = (Terminal Value + Company Value) / Count shares = (2.21 + 1.55) / 115410000 = 32.59