NYSE: BSX - Boston Scientific

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 = 1.09
CAGR EPS = -20.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.09 * (1 + -20.04%) / (0.0433 * 2) = 10.05

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) = 5.2
Ebitda Yield = 0.0854
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 = 0.265
Debt = 9.1
Market Cap = 73.49
Weight Debt = Market Cap / (Market Cap + Debt) = 73.49 / (73.49 + 9.1) = 0.8898
Weight Cost Debt = 100% - 0.8898 = 0.1102
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 = -0.9726
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9726 * 5.94 + 0 = -0.0296
WACC = (0.265 / 9.1) * (100% - 0.8898) * (1 - 0.21) + -0.0296 + 0.8898 = 2.25
Terminal Value = Discount (5.2 * (1 + 0.0854) / (2.25 - 0.0854)) = 80.39
Company Value = ∑ (5.2 / (1 + 2.25) ^ 5) = 20.72
Price = (Terminal Value + Company Value) / Count shares = (80.39 + 20.72) / 1463500000 = 69.09

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) = 2.02
FCF Yield = 0.0344
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 = 0.265
Debt = 9.1
Market Cap = 73.49
Weight Debt = Market Cap / (Market Cap + Debt) = 73.49 / (73.49 + 9.1) = 0.8898
Weight Cost Debt = 100% - 0.8898 = 0.1102
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 = -0.9726
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9726 * 5.94 + 0 = -0.0296
WACC = (0.265 / 9.1) * (100% - 0.8898) * (1 - 0.21) + -0.0296 + 0.8898 = 2.25
Terminal Value = Discount (2.02 * (1 + 0.0344) / (2.25 - 0.0344)) = 157.82
Company Value = ∑ (2.02 / (1 + 2.25) ^ 5) = 8.81
Price = (Terminal Value + Company Value) / Count shares = (157.82 + 8.81) / 1463500000 = 113.86