NYSE: AMRC - Ameresco, 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 = 1.17
CAGR EPS = 4.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.17 * (1 + 4.76%) / (0.0433 * 2) = 14.2

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) = 0.2262
Ebitda Yield = 0.0847
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 = 0.0898
Debt = 1.51
Market Cap = 2.48
Weight Debt = Market Cap / (Market Cap + Debt) = 2.48 / (2.48 + 1.51) = 0.6222
Weight Cost Debt = 100% - 0.6222 = 0.3778
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.36 * 5.94 + 0 = 0.2889
WACC = (0.0898 / 1.51) * (100% - 0.6222) * (1 - 0.21) + 0.2889 + 0.6222 = 4.86
Terminal Value = Discount (0.2262 * (1 + 0.0847) / (4.86 - 0.0847)) = 5.37
Company Value = ∑ (0.2262 / (1 + 4.86) ^ 5) = 0.8346
Price = (Terminal Value + Company Value) / Count shares = (5.37 + 0.8346) / 53230000 = 116.47

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) = -1.02
FCF Yield = 0.1043
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 = 0.0898
Debt = 1.51
Market Cap = 2.48
Weight Debt = Market Cap / (Market Cap + Debt) = 2.48 / (2.48 + 1.51) = 0.6222
Weight Cost Debt = 100% - 0.6222 = 0.3778
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 = 4.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.36 * 5.94 + 0 = 0.2889
WACC = (0.0898 / 1.51) * (100% - 0.6222) * (1 - 0.21) + 0.2889 + 0.6222 = 4.86
Terminal Value = Discount (-1.02 * (1 + 0.1043) / (4.86 - 0.1043)) = -15.97
Company Value = ∑ (-1.02 / (1 + 4.86) ^ 5) = -3.64
Price = (Terminal Value + Company Value) / Count shares = (-15.97 + -3.64) / 53230000 = -368.36