NYSE: FTCH - Farfetch Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.7606
CAGR EPS = 22.1%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.021 + (0.021 * 22.1% / 100) = 0.0256

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) = -0.4183
Ebitda Yield = 0.0428
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 = 0.1486
Debt = 1.11
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 1.11) = 0.4818
Weight Cost Debt = 100% - 0.4818 = 0.5182
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.1486 / 1.11) * (100% - 0.4818) * (1 - 0.21) + 0.03 + 0.4818 = 10.56
Terminal Value = Discount (-0.4183 * (1 + 0.0428) / (10.56 - 0.0428)) = -4.2
Company Value = ∑ (-0.4183 / (1 + 10.56) ^ 5) = -1.43
Price = (Terminal Value + Company Value) / Count shares = (-4.2 + -1.43) / 472360000 = -11.92

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) = -1.79
FCF Yield = 0.2034
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 = 0.1486
Debt = 1.11
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 1.11) = 0.4818
Weight Cost Debt = 100% - 0.4818 = 0.5182
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.1486 / 1.11) * (100% - 0.4818) * (1 - 0.21) + 0.03 + 0.4818 = 10.56
Terminal Value = Discount (-1.79 * (1 + 0.2034) / (10.56 - 0.2034)) = -13.3
Company Value = ∑ (-1.79 / (1 + 10.56) ^ 5) = -4.6
Price = (Terminal Value + Company Value) / Count shares = (-13.3 + -4.6) / 472360000 = -37.88