NYSE: EW - Edwards Lifesciences Corporation

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 = 2.3
CAGR EPS = 7.01%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.3 * (1 + 7.01%) / (0.0433 * 2) = 28.44

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) = 1.72
Ebitda Yield = 0.0232
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 = 0.0176
Debt = 0.6219
Market Cap = 46.55
Weight Debt = Market Cap / (Market Cap + Debt) = 46.55 / (46.55 + 0.6219) = 0.9868
Weight Cost Debt = 100% - 0.9868 = 0.0132
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) = 2.82
β = -0.1609
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1609 * 5.94 + 0 = 0.0186
WACC = (0.0176 / 0.6219) * (100% - 0.9868) * (1 - 0.21) + 0.0186 + 0.9868 = 2.23
Terminal Value = Discount (1.72 * (1 + 0.0232) / (2.23 - 0.0232)) = 1852.14
Company Value = ∑ (1.72 / (1 + 2.23) ^ 5) = 7.69
Price = (Terminal Value + Company Value) / Count shares = (1852.14 + 7.69) / 609400000 = 3051.9

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) = 0.4735
FCF Yield = -0.0554
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 = 0.0176
Debt = 0.6219
Market Cap = 46.55
Weight Debt = Market Cap / (Market Cap + Debt) = 46.55 / (46.55 + 0.6219) = 0.9868
Weight Cost Debt = 100% - 0.9868 = 0.0132
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) = 2.82
β = -0.1609
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1609 * 5.94 + 0 = 0.0186
WACC = (0.0176 / 0.6219) * (100% - 0.9868) * (1 - 0.21) + 0.0186 + 0.9868 = 2.23
Terminal Value = Discount (0.4735 * (1 + -0.0554) / (2.23 - -0.0554)) = 5.16
Company Value = ∑ (0.4735 / (1 + 2.23) ^ 5) = 2.5
Price = (Terminal Value + Company Value) / Count shares = (5.16 + 2.5) / 609400000 = 12.56