NYSE: FRC - First Republic Bank

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 = 9.09
CAGR EPS = 10.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.09 * (1 + 10.49%) / (0.0433 * 2) = 115.98

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) = 4.81
Ebitda Yield = 0.0836
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 = 0.888
Debt = 106.67
Market Cap = 0.6536
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6536 / (0.6536 + 106.67) = 0.0061
Weight Cost Debt = 100% - 0.0061 = 0.9939
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.888 / 106.67) * (100% - 0.0061) * (1 - 0.21) + 0.0282 + 0.0061 = 0.6578
Terminal Value = Discount (4.81 * (1 + 0.0836) / (0.6578 - 0.0836)) = 65.54
Company Value = ∑ (4.81 / (1 + 0.6578) ^ 5) = 20.2
Price = (Terminal Value + Company Value) / Count shares = (65.54 + 20.2) / 183250000 = 467.86

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) = 0.0075
FCF Yield = -0.3282
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 = 0.888
Debt = 106.67
Market Cap = 0.6536
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6536 / (0.6536 + 106.67) = 0.0061
Weight Cost Debt = 100% - 0.0061 = 0.9939
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.888 / 106.67) * (100% - 0.0061) * (1 - 0.21) + 0.0282 + 0.0061 = 0.6578
Terminal Value = Discount (0.0075 * (1 + -0.3282) / (0.6578 - -0.3282)) = 0.0146
Company Value = ∑ (0.0075 / (1 + 0.6578) ^ 5) = 0.0958
Price = (Terminal Value + Company Value) / Count shares = (0.0146 + 0.0958) / 183250000 = 0.6024