NYSE: HE - Hawaiian Electric Industries, Inc.

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 = 1.83
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.66 + (11.66 * 8.66% / 100) = 12.66

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) = 1.04
Ebitda Yield = 0.1037
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 = 0.1253
Debt = 4.04
Market Cap = 4.31
Weight Debt = Market Cap / (Market Cap + Debt) = 4.31 / (4.31 + 4.04) = 0.5165
Weight Cost Debt = 100% - 0.5165 = 0.4835
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 = -0.9629
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9629 * 5.94 + 0 = -0.0272
WACC = (0.1253 / 4.04) * (100% - 0.5165) * (1 - 0.21) + -0.0272 + 0.5165 = 2.43
Terminal Value = Discount (1.04 * (1 + 0.1037) / (2.43 - 0.1037)) = 12.84
Company Value = ∑ (1.04 / (1 + 2.43) ^ 5) = 4
Price = (Terminal Value + Company Value) / Count shares = (12.84 + 4) / 110040000 = 153.07

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) = 0.1718
FCF Yield = 0.1074
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 = 0.1253
Debt = 4.04
Market Cap = 4.31
Weight Debt = Market Cap / (Market Cap + Debt) = 4.31 / (4.31 + 4.04) = 0.5165
Weight Cost Debt = 100% - 0.5165 = 0.4835
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 = -0.9629
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9629 * 5.94 + 0 = -0.0272
WACC = (0.1253 / 4.04) * (100% - 0.5165) * (1 - 0.21) + -0.0272 + 0.5165 = 2.43
Terminal Value = Discount (0.1718 * (1 + 0.1074) / (2.43 - 0.1074)) = 2.03
Company Value = ∑ (0.1718 / (1 + 2.43) ^ 5) = 0.656
Price = (Terminal Value + Company Value) / Count shares = (2.03 + 0.656) / 110040000 = 24.41