NASDAQ: VRSN - VeriSign

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 = 7.9
CAGR EPS = 8.93%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.9 * (1 + 8.93%) / (0.0433 * 2) = 99.37

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) = 1.29
Ebitda Yield = 0.0329
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 = 0.0753
Debt = 1.8
Market Cap = 20.76
Weight Debt = Market Cap / (Market Cap + Debt) = 20.76 / (20.76 + 1.8) = 0.9204
Weight Cost Debt = 100% - 0.9204 = 0.0796
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) = 2.75
β = 0.8347
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8347 * 5.94 + 0 = 0.0771
WACC = (0.0753 / 1.8) * (100% - 0.9204) * (1 - 0.21) + 0.0771 + 0.9204 = 3.35
Terminal Value = Discount (1.29 * (1 + 0.0329) / (3.35 - 0.0329)) = 1870.96
Company Value = ∑ (1.29 / (1 + 3.35) ^ 5) = 5.47
Price = (Terminal Value + Company Value) / Count shares = (1870.96 + 5.47) / 103500000 = 18129.79

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) = 0.8927
FCF Yield = 0.0201
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 = 0.0753
Debt = 1.8
Market Cap = 20.76
Weight Debt = Market Cap / (Market Cap + Debt) = 20.76 / (20.76 + 1.8) = 0.9204
Weight Cost Debt = 100% - 0.9204 = 0.0796
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) = 2.75
β = 0.8347
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8347 * 5.94 + 0 = 0.0771
WACC = (0.0753 / 1.8) * (100% - 0.9204) * (1 - 0.21) + 0.0771 + 0.9204 = 3.35
Terminal Value = Discount (0.8927 * (1 + 0.0201) / (3.35 - 0.0201)) = 57.57
Company Value = ∑ (0.8927 / (1 + 3.35) ^ 5) = 3.89
Price = (Terminal Value + Company Value) / Count shares = (57.57 + 3.89) / 103500000 = 593.79