NYSE: HRC - Hill-Rom Holdings

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 = 3.72
CAGR EPS = 13.33%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 3.72 * (1 + 13.33%) / (0.0458 * 2) = 46.02

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) = 0.6184
Ebitda Yield = 0.0222
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 = 2.16
Market Cap = 10.3
Weight Debt = Market Cap / (Market Cap + Debt) = 10.3 / (10.3 + 2.16) = 0.8266
Weight Cost Debt = 100% - 0.8266 = 0.1734
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.16) * (100% - 0.8266) * (1 - 0.21) + 0.0275 + 0.8266 = 0.0227
Terminal Value = Discount (0.6184 * (1 + 0.0222) / (0.0227 - 0.0222)) = 28.68
Company Value = ∑ (0.6184 / (1 + 0.0227) ^ 5) = 2.96
Price = (Terminal Value + Company Value) / Count shares = (28.68 + 2.96) / 67000000 = 472.17

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) = 0.5337
FCF Yield = 0.0856
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 = 2.16
Market Cap = 10.3
Weight Debt = Market Cap / (Market Cap + Debt) = 10.3 / (10.3 + 2.16) = 0.8266
Weight Cost Debt = 100% - 0.8266 = 0.1734
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 2.16) * (100% - 0.8266) * (1 - 0.21) + 0.0275 + 0.8266 = 0.0227
Terminal Value = Discount (0.5337 * (1 + 0.0856) / (0.0227 - 0.0856)) = 6.78
Company Value = ∑ (0.5337 / (1 + 0.0227) ^ 5) = 2.28
Price = (Terminal Value + Company Value) / Count shares = (6.78 + 2.28) / 67000000 = 135.22