NYSE: GMED - Globus Medical

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 = 0.747
CAGR EPS = -5.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.747 * (1 + -5.85%) / (0.0433 * 2) = 8.12

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) = 0.157
Ebitda Yield = -0.0111
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 = 0.0201
Debt = 0.5372
Market Cap = 5.53
Weight Debt = Market Cap / (Market Cap + Debt) = 5.53 / (5.53 + 0.5372) = 0.9115
Weight Cost Debt = 100% - 0.9115 = 0.0885
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 = 2.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.89 * 5.94 + 0 = 0.1999
WACC = (0.0201 / 0.5372) * (100% - 0.9115) * (1 - 0.21) + 0.1999 + 0.9115 = 3.12
Terminal Value = Discount (0.157 * (1 + -0.0111) / (3.12 - -0.0111)) = 3.15
Company Value = ∑ (0.157 / (1 + 3.12) ^ 5) = 0.7333
Price = (Terminal Value + Company Value) / Count shares = (3.15 + 0.7333) / 137860000 = 28.18

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) = 0.9945
FCF Yield = 0.1967
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 = 0.0201
Debt = 0.5372
Market Cap = 5.53
Weight Debt = Market Cap / (Market Cap + Debt) = 5.53 / (5.53 + 0.5372) = 0.9115
Weight Cost Debt = 100% - 0.9115 = 0.0885
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 = 2.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.89 * 5.94 + 0 = 0.1999
WACC = (0.0201 / 0.5372) * (100% - 0.9115) * (1 - 0.21) + 0.1999 + 0.9115 = 3.12
Terminal Value = Discount (0.9945 * (1 + 0.1967) / (3.12 - 0.1967)) = 6.17
Company Value = ∑ (0.9945 / (1 + 3.12) ^ 5) = 3.24
Price = (Terminal Value + Company Value) / Count shares = (6.17 + 3.24) / 137860000 = 68.22