NASDAQ: ZIXI - Zix Corporation

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 = -0.37
CAGR EPS = 5.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.49 + (8.49 * 5.24% / 100) = 8.93

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) = 0.0827
Ebitda Yield = 0.1785
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
Debt = 0.2234
Market Cap = 0.4822
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4822 / (0.4822 + 0.2234) = 0.6834
Weight Cost Debt = 100% - 0.6834 = 0.3166
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 0.2234) * (100% - 0.6834) * (1 - 0.21) + 0.03 + 0.6834 = 0.0205
Terminal Value = Discount (0.0827 * (1 + 0.1785) / (0.0205 - 0.1785)) = 0.5464
Company Value = ∑ (0.0827 / (1 + 0.0205) ^ 5) = 0.3057
Price = (Terminal Value + Company Value) / Count shares = (0.5464 + 0.3057) / 54000000 = 15.78

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) = 0.0393
FCF Yield = 0.0886
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
Debt = 0.2234
Market Cap = 0.4822
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4822 / (0.4822 + 0.2234) = 0.6834
Weight Cost Debt = 100% - 0.6834 = 0.3166
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 0.2234) * (100% - 0.6834) * (1 - 0.21) + 0.03 + 0.6834 = 0.0205
Terminal Value = Discount (0.0393 * (1 + 0.0886) / (0.0205 - 0.0886)) = 0.4834
Company Value = ∑ (0.0393 / (1 + 0.0205) ^ 5) = 0.1669
Price = (Terminal Value + Company Value) / Count shares = (0.4834 + 0.1669) / 54000000 = 12.04