NYSE: HZO - MarineMax, Inc.

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 = 1.65
CAGR EPS = -13.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.65 * (1 + -13.27%) / (0.0433 * 2) = 16.57

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) = 0.2548
Ebitda Yield = 0.0809
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 = 0.0739
Debt = 1.23
Market Cap = 0.7294
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7294 / (0.7294 + 1.23) = 0.3717
Weight Cost Debt = 100% - 0.3717 = 0.6283
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) = 2.89
β = -1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.01 * 5.94 + 0 = -0.031
WACC = (0.0739 / 1.23) * (100% - 0.3717) * (1 - 0.21) + -0.031 + 0.3717 = 4.71
Terminal Value = Discount (0.2548 * (1 + 0.0809) / (4.71 - 0.0809)) = 6.47
Company Value = ∑ (0.2548 / (1 + 4.71) ^ 5) = 0.951
Price = (Terminal Value + Company Value) / Count shares = (6.47 + 0.951) / 23010000 = 322.45

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) = 0.0012
FCF Yield = -1.43
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 = 0.0739
Debt = 1.23
Market Cap = 0.7294
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7294 / (0.7294 + 1.23) = 0.3717
Weight Cost Debt = 100% - 0.3717 = 0.6283
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) = 2.89
β = -1.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.01 * 5.94 + 0 = -0.031
WACC = (0.0739 / 1.23) * (100% - 0.3717) * (1 - 0.21) + -0.031 + 0.3717 = 4.71
Terminal Value = Discount (0.0012 * (1 + -1.43) / (4.71 - -1.43)) = -0.00028
Company Value = ∑ (0.0012 / (1 + 4.71) ^ 5) = 0.0252
Price = (Terminal Value + Company Value) / Count shares = (-0.00028 + 0.0252) / 23010000 = 1.08