NYSE: ACC - American Campus Communities, 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 = 0.5166
CAGR EPS = -12.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5166 * (1 + -12.94%) / (0.0433 * 2) = 5.19

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) = 0.4371
Ebitda Yield = -0.009
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 = 0.1201
Debt = 0.5006
Market Cap = 9.03
Weight Debt = Market Cap / (Market Cap + Debt) = 9.03 / (9.03 + 0.5006) = 0.9475
Weight Cost Debt = 100% - 0.9475 = 0.0525
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1201 / 0.5006) * (100% - 0.9475) * (1 - 0.21) + 0.0282 + 0.9475 = 18.8
Terminal Value = Discount (0.4371 * (1 + -0.009) / (18.8 - -0.009)) = 0.929
Company Value = ∑ (0.4371 / (1 + 18.8) ^ 5) = 1.37
Price = (Terminal Value + Company Value) / Count shares = (0.929 + 1.37) / 141070000 = 16.31

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) = 0.2782
FCF Yield = -0.0073
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 = 0.1201
Debt = 0.5006
Market Cap = 9.03
Weight Debt = Market Cap / (Market Cap + Debt) = 9.03 / (9.03 + 0.5006) = 0.9475
Weight Cost Debt = 100% - 0.9475 = 0.0525
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1201 / 0.5006) * (100% - 0.9475) * (1 - 0.21) + 0.0282 + 0.9475 = 18.8
Terminal Value = Discount (0.2782 * (1 + -0.0073) / (18.8 - -0.0073)) = 0.5976
Company Value = ∑ (0.2782 / (1 + 18.8) ^ 5) = 0.8691
Price = (Terminal Value + Company Value) / Count shares = (0.5976 + 0.8691) / 141070000 = 10.4