NYSE: INT - World Fuel Services Corporation

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 = 1.82
CAGR EPS = -8.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.82 * (1 + -8.13%) / (0.0433 * 2) = 19.3

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) = 0.3452
Ebitda Yield = -0.0169
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 = 0.1106
Debt = 0.8457
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 0.8457) = 0.6348
Weight Cost Debt = 100% - 0.6348 = 0.3652
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1106 / 0.8457) * (100% - 0.6348) * (1 - 0.21) + 0.0282 + 0.6348 = 10.28
Terminal Value = Discount (0.3452 * (1 + -0.0169) / (10.28 - -0.0169)) = 1.74
Company Value = ∑ (0.3452 / (1 + 10.28) ^ 5) = 1.35
Price = (Terminal Value + Company Value) / Count shares = (1.74 + 1.35) / 62700000 = 49.21

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) = 0.4478
FCF Yield = 0.1042
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 = 0.1106
Debt = 0.8457
Market Cap = 1.47
Weight Debt = Market Cap / (Market Cap + Debt) = 1.47 / (1.47 + 0.8457) = 0.6348
Weight Cost Debt = 100% - 0.6348 = 0.3652
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.1106 / 0.8457) * (100% - 0.6348) * (1 - 0.21) + 0.0282 + 0.6348 = 10.28
Terminal Value = Discount (0.4478 * (1 + 0.1042) / (10.28 - 0.1042)) = 222.41
Company Value = ∑ (0.4478 / (1 + 10.28) ^ 5) = 1.37
Price = (Terminal Value + Company Value) / Count shares = (222.41 + 1.37) / 62700000 = 3569.1