NYSE: CRL - Charles River Laboratories International

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 = 9.22
CAGR EPS = 12.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.22 * (1 + 12.72%) / (0.0433 * 2) = 120.07

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) = 1.69
Ebitda Yield = 0.1031
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 = 0.1367
Debt = 3.09
Market Cap = 10.2
Weight Debt = Market Cap / (Market Cap + Debt) = 10.2 / (10.2 + 3.09) = 0.7676
Weight Cost Debt = 100% - 0.7676 = 0.2324
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 = -1.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.72 * 5.94 + 0 = -0.0724
WACC = (0.1367 / 3.09) * (100% - 0.7676) * (1 - 0.21) + -0.0724 + 0.7676 = 3.41
Terminal Value = Discount (1.69 * (1 + 0.1031) / (3.41 - 0.1031)) = 22.8
Company Value = ∑ (1.69 / (1 + 3.41) ^ 5) = 6.29
Price = (Terminal Value + Company Value) / Count shares = (22.8 + 6.29) / 51450000 = 565.42

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) = 0.3871
FCF Yield = 0.0116
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 = 0.1367
Debt = 3.09
Market Cap = 10.2
Weight Debt = Market Cap / (Market Cap + Debt) = 10.2 / (10.2 + 3.09) = 0.7676
Weight Cost Debt = 100% - 0.7676 = 0.2324
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 = -1.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.72 * 5.94 + 0 = -0.0724
WACC = (0.1367 / 3.09) * (100% - 0.7676) * (1 - 0.21) + -0.0724 + 0.7676 = 3.41
Terminal Value = Discount (0.3871 * (1 + 0.0116) / (3.41 - 0.0116)) = 14.68
Company Value = ∑ (0.3871 / (1 + 3.41) ^ 5) = 1.71
Price = (Terminal Value + Company Value) / Count shares = (14.68 + 1.71) / 51450000 = 318.58