NYSE: JMIA - Jumia Technologies AG

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 = -1.03
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.1 + (4.1 * 9.16% / 100) = 4.48

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) = -0.0195
Ebitda Yield = -0.1975
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 = 0.0022
Debt = 0.0061
Market Cap = 0.3019
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3019 / (0.3019 + 0.0061) = 0.9803
Weight Cost Debt = 100% - 0.9803 = 0.0197
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) = 2.6
β = -5.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -5.27 * 5.94 + 0 = -0.2869
WACC = (0.0022 / 0.0061) * (100% - 0.9803) * (1 - 0.21) + -0.2869 + 0.9803 = 27.64
Terminal Value = Discount (-0.0195 * (1 + -0.1975) / (27.64 - -0.1975)) = -0.0098
Company Value = ∑ (-0.0195 / (1 + 27.64) ^ 5) = -0.0896
Price = (Terminal Value + Company Value) / Count shares = (-0.0098 + -0.0896) / 100890000 = -0.9844

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) = -0.0336
FCF Yield = -0.1491
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 = 0.0022
Debt = 0.0061
Market Cap = 0.3019
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3019 / (0.3019 + 0.0061) = 0.9803
Weight Cost Debt = 100% - 0.9803 = 0.0197
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) = 2.6
β = -5.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -5.27 * 5.94 + 0 = -0.2869
WACC = (0.0022 / 0.0061) * (100% - 0.9803) * (1 - 0.21) + -0.2869 + 0.9803 = 27.64
Terminal Value = Discount (-0.0336 * (1 + -0.1491) / (27.64 - -0.1491)) = -0.0198
Company Value = ∑ (-0.0336 / (1 + 27.64) ^ 5) = -0.1306
Price = (Terminal Value + Company Value) / Count shares = (-0.0198 + -0.1306) / 100890000 = -1.49