NYSE: GTS - Triple-S Management Corporation

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 = 3.46
CAGR EPS = 8.89%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 29.99 + (29.99 * 8.89% / 100) = 32.66

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) = 0.1515
Ebitda Yield = 0.0386
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
Debt = 0.0495
Market Cap = 0.8564
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8564 / (0.8564 + 0.0495) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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 / 0.0495) * (100% - 0.9454) * (1 - 0.21) + 0.0282 + 0.9454 = 0.0267
Terminal Value = Discount (0.1515 * (1 + 0.0386) / (0.0267 - 0.0386)) = 4.09
Company Value = ∑ (0.1515 / (1 + 0.0267) ^ 5) = 0.7024
Price = (Terminal Value + Company Value) / Count shares = (4.09 + 0.7024) / 23000000 = 208.53

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) = 10.53
FCF Yield = 1.21
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
Debt = 0.0495
Market Cap = 0.8564
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8564 / (0.8564 + 0.0495) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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 / 0.0495) * (100% - 0.9454) * (1 - 0.21) + 0.0282 + 0.9454 = 0.0267
Terminal Value = Discount (10.53 * (1 + 1.21) / (0.0267 - 1.21)) = 19.22
Company Value = ∑ (10.53 / (1 + 0.0267) ^ 5) = 18.85
Price = (Terminal Value + Company Value) / Count shares = (19.22 + 18.85) / 23000000 = 1655.26