NYSE: ESTC - Elastic N.V.

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 = 0.5936
CAGR EPS = 17.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5936 * (1 + 17.92%) / (0.0433 * 2) = 8.08

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) = -0.0453
Ebitda Yield = -0.1044
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 = 0.0261
Debt = 0.5937
Market Cap = 5.85
Weight Debt = Market Cap / (Market Cap + Debt) = 5.85 / (5.85 + 0.5937) = 0.9079
Weight Cost Debt = 100% - 0.9079 = 0.0921
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) = 2.39
β = 2.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.81 * 5.94 + 0 = 0.1907
WACC = (0.0261 / 0.5937) * (100% - 0.9079) * (1 - 0.21) + 0.1907 + 0.9079 = 3.62
Terminal Value = Discount (-0.0453 * (1 + -0.1044) / (3.62 - -0.1044)) = -0.2416
Company Value = ∑ (-0.0453 / (1 + 3.62) ^ 5) = -0.2593
Price = (Terminal Value + Company Value) / Count shares = (-0.2416 + -0.2593) / 103980000 = -4.82

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) = 0.6465
FCF Yield = 0.3479
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 = 0.0261
Debt = 0.5937
Market Cap = 5.85
Weight Debt = Market Cap / (Market Cap + Debt) = 5.85 / (5.85 + 0.5937) = 0.9079
Weight Cost Debt = 100% - 0.9079 = 0.0921
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) = 2.39
β = 2.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.81 * 5.94 + 0 = 0.1907
WACC = (0.0261 / 0.5937) * (100% - 0.9079) * (1 - 0.21) + 0.1907 + 0.9079 = 3.62
Terminal Value = Discount (0.6465 * (1 + 0.3479) / (3.62 - 0.3479)) = 2.34
Company Value = ∑ (0.6465 / (1 + 3.62) ^ 5) = 1.71
Price = (Terminal Value + Company Value) / Count shares = (2.34 + 1.71) / 103980000 = 38.97