NASDAQ: ZD - Ziff Davis, 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 = 0.8932
CAGR EPS = -27.51%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8932 * (1 + -27.51%) / (0.0433 * 2) = 7.48

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) = 0.2593
Ebitda Yield = -0.0601
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 = 0.02
Debt = 1.02
Market Cap = 3.15
Weight Debt = Market Cap / (Market Cap + Debt) = 3.15 / (3.15 + 1.02) = 0.7562
Weight Cost Debt = 100% - 0.7562 = 0.2438
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 = 4.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.55 * 5.94 + 0 = 0.2987
WACC = (0.02 / 1.02) * (100% - 0.7562) * (1 - 0.21) + 0.2987 + 0.7562 = 1.77
Terminal Value = Discount (0.2593 * (1 + -0.0601) / (1.77 - -0.0601)) = 2.87
Company Value = ∑ (0.2593 / (1 + 1.77) ^ 5) = 1.4
Price = (Terminal Value + Company Value) / Count shares = (2.87 + 1.4) / 46460000 = 91.85

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) = 0.1442
FCF Yield = -0.0735
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 = 0.02
Debt = 1.02
Market Cap = 3.15
Weight Debt = Market Cap / (Market Cap + Debt) = 3.15 / (3.15 + 1.02) = 0.7562
Weight Cost Debt = 100% - 0.7562 = 0.2438
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 = 4.55
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 4.55 * 5.94 + 0 = 0.2987
WACC = (0.02 / 1.02) * (100% - 0.7562) * (1 - 0.21) + 0.2987 + 0.7562 = 1.77
Terminal Value = Discount (0.1442 * (1 + -0.0735) / (1.77 - -0.0735)) = 1.34
Company Value = ∑ (0.1442 / (1 + 1.77) ^ 5) = 0.804
Price = (Terminal Value + Company Value) / Count shares = (1.34 + 0.804) / 46460000 = 46.2