NYSE: DXC - DXC Technology

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 = 0.4578
CAGR EPS = 15.12%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.4578 * (1 + 15.12%) / (0.0458 * 2) = 5.75

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) = 1.07
Ebitda Yield = -0.1
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 = 0.298
Debt = 4.87
Market Cap = 4.15
Weight Debt = Market Cap / (Market Cap + Debt) = 4.15 / (4.15 + 4.87) = 0.4602
Weight Cost Debt = 100% - 0.4602 = 0.5398
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 = 1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.33 * 5.94 + 0 = 0.1063
WACC = (0.298 / 4.87) * (100% - 0.4602) * (1 - 0.21) + 0.1063 + 0.4602 = 4.86
Terminal Value = Discount (1.07 * (1 + -0.1) / (4.86 - -0.1)) = 5.11
Company Value = ∑ (1.07 / (1 + 4.86) ^ 5) = 5.86
Price = (Terminal Value + Company Value) / Count shares = (5.11 + 5.86) / 228990000 = 47.9

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) = 0.3874
FCF Yield = -0.1252
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 = 0.298
Debt = 4.87
Market Cap = 4.15
Weight Debt = Market Cap / (Market Cap + Debt) = 4.15 / (4.15 + 4.87) = 0.4602
Weight Cost Debt = 100% - 0.4602 = 0.5398
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 = 1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.33 * 5.94 + 0 = 0.1063
WACC = (0.298 / 4.87) * (100% - 0.4602) * (1 - 0.21) + 0.1063 + 0.4602 = 4.86
Terminal Value = Discount (0.3874 * (1 + -0.1252) / (4.86 - -0.1252)) = 1.54
Company Value = ∑ (0.3874 / (1 + 4.86) ^ 5) = 2.27
Price = (Terminal Value + Company Value) / Count shares = (1.54 + 2.27) / 228990000 = 16.62