NYSE: INST - Instructure Holdings, 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 = -0.2367
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 24.44 + (24.44 * 8.66% / 100) = 26.55

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) = 0.5072
Ebitda Yield = 0.2735
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 = 0.042
Debt = 0.4939
Market Cap = 3.69
Weight Debt = Market Cap / (Market Cap + Debt) = 3.69 / (3.69 + 0.4939) = 0.8819
Weight Cost Debt = 100% - 0.8819 = 0.1181
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 = 0.0702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0702 * 5.94 + 0 = 0.0317
WACC = (0.042 / 0.4939) * (100% - 0.8819) * (1 - 0.21) + 0.0317 + 0.8819 = 6.69
Terminal Value = Discount (0.5072 * (1 + 0.2735) / (6.69 - 0.2735)) = 2.26
Company Value = ∑ (0.5072 / (1 + 6.69) ^ 5) = 1.33
Price = (Terminal Value + Company Value) / Count shares = (2.26 + 1.33) / 143970000 = 24.94

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) = 1.76
FCF Yield = 0.6191
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 = 0.042
Debt = 0.4939
Market Cap = 3.69
Weight Debt = Market Cap / (Market Cap + Debt) = 3.69 / (3.69 + 0.4939) = 0.8819
Weight Cost Debt = 100% - 0.8819 = 0.1181
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 = 0.0702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0702 * 5.94 + 0 = 0.0317
WACC = (0.042 / 0.4939) * (100% - 0.8819) * (1 - 0.21) + 0.0317 + 0.8819 = 6.69
Terminal Value = Discount (1.76 * (1 + 0.6191) / (6.69 - 0.6191)) = 3.73
Company Value = ∑ (1.76 / (1 + 6.69) ^ 5) = 3.27
Price = (Terminal Value + Company Value) / Count shares = (3.73 + 3.27) / 143970000 = 48.61