NYSE: DFIN - Donnelley Financial Solutions, 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 = 2.69
CAGR EPS = 19.55%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.69 * (1 + 19.55%) / (0.0433 * 2) = 37.08

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) = 0.2181
Ebitda Yield = 0.0258
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 = 0.0179
Debt = 0.1385
Market Cap = 1.4
Weight Debt = Market Cap / (Market Cap + Debt) = 1.4 / (1.4 + 0.1385) = 0.91
Weight Cost Debt = 100% - 0.91 = 0.09
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) = 2.75
β = 1.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.61 * 5.94 + 0 = 0.1231
WACC = (0.0179 / 0.1385) * (100% - 0.91) * (1 - 0.21) + 0.1231 + 0.91 = 10.23
Terminal Value = Discount (0.2181 * (1 + 0.0258) / (10.23 - 0.0258)) = 1.8
Company Value = ∑ (0.2181 / (1 + 10.23) ^ 5) = 0.7778
Price = (Terminal Value + Company Value) / Count shares = (1.8 + 0.7778) / 30600000 = 84.17

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) = 0.2895
FCF Yield = 0.3601
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 = 0.0179
Debt = 0.1385
Market Cap = 1.4
Weight Debt = Market Cap / (Market Cap + Debt) = 1.4 / (1.4 + 0.1385) = 0.91
Weight Cost Debt = 100% - 0.91 = 0.09
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) = 2.75
β = 1.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.61 * 5.94 + 0 = 0.1231
WACC = (0.0179 / 0.1385) * (100% - 0.91) * (1 - 0.21) + 0.1231 + 0.91 = 10.23
Terminal Value = Discount (0.2895 * (1 + 0.3601) / (10.23 - 0.3601)) = 0.9385
Company Value = ∑ (0.2895 / (1 + 10.23) ^ 5) = 0.6104
Price = (Terminal Value + Company Value) / Count shares = (0.9385 + 0.6104) / 30600000 = 50.62