NYSE: HCP - HCP

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 = -0.9837
CAGR EPS = 24.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 30.57 + (30.57 * 24.76% / 100) = 38.14

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) = -0.8248
Ebitda Yield = 0.2747
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 = 0.024
Debt = 0.014
Market Cap = 5.32
Weight Debt = Market Cap / (Market Cap + Debt) = 5.32 / (5.32 + 0.014) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = -0.3389
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3389 * 5.94 + 0 = 0.0081
WACC = (0.024 / 0.014) * (100% - 0.9974) * (1 - 0.21) + 0.0081 + 0.9974 = 133.78
Terminal Value = Discount (-0.8248 * (1 + 0.2747) / (133.78 - 0.2747)) = -0.0142
Company Value = ∑ (-0.8248 / (1 + 133.78) ^ 5) = -0.2797
Price = (Terminal Value + Company Value) / Count shares = (-0.0142 + -0.2797) / 193830000 = -1.52

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) = -0.0188
FCF 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 = 0.024
Debt = 0.014
Market Cap = 5.32
Weight Debt = Market Cap / (Market Cap + Debt) = 5.32 / (5.32 + 0.014) = 0.9974
Weight Cost Debt = 100% - 0.9974 = 0.0026
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 = -0.3389
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3389 * 5.94 + 0 = 0.0081
WACC = (0.024 / 0.014) * (100% - 0.9974) * (1 - 0.21) + 0.0081 + 0.9974 = 133.78
Terminal Value = Discount (-0.0188 * (1 + -0.0386) / (133.78 - -0.0386)) = -0.000188
Company Value = ∑ (-0.0188 / (1 + 133.78) ^ 5) = -0.0158
Price = (Terminal Value + Company Value) / Count shares = (-0.000188 + -0.0158) / 193830000 = -0.0825