NYSE: CVNA - Carvana Co.

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 = 1.59
CAGR EPS = 17.33%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.59 * (1 + 17.33%) / (0.0433 * 2) = 21.52

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) = 7.03
Ebitda Yield = 0.3897
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 = 0.651
Debt = 0.723
Market Cap = 4.37
Weight Debt = Market Cap / (Market Cap + Debt) = 4.37 / (4.37 + 0.723) = 0.858
Weight Cost Debt = 100% - 0.858 = 0.142
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 = 3.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.29 * 5.94 + 0 = 0.2257
WACC = (0.651 / 0.723) * (100% - 0.858) * (1 - 0.21) + 0.2257 + 0.858 = 70.72
Terminal Value = Discount (7.03 * (1 + 0.3897) / (70.72 - 0.3897)) = 2.12
Company Value = ∑ (7.03 / (1 + 70.72) ^ 5) = 3.81
Price = (Terminal Value + Company Value) / Count shares = (2.12 + 3.81) / 132210000 = 44.89

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) = 1.95
FCF Yield = 0.1867
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 = 0.651
Debt = 0.723
Market Cap = 4.37
Weight Debt = Market Cap / (Market Cap + Debt) = 4.37 / (4.37 + 0.723) = 0.858
Weight Cost Debt = 100% - 0.858 = 0.142
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 = 3.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.29 * 5.94 + 0 = 0.2257
WACC = (0.651 / 0.723) * (100% - 0.858) * (1 - 0.21) + 0.2257 + 0.858 = 70.72
Terminal Value = Discount (1.95 * (1 + 0.1867) / (70.72 - 0.1867)) = 0.3061
Company Value = ∑ (1.95 / (1 + 70.72) ^ 5) = 1.58
Price = (Terminal Value + Company Value) / Count shares = (0.3061 + 1.58) / 132210000 = 14.26