NYSE: KFS - Kingsway Financial Services 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 = 0.8908
CAGR EPS = 36.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.02 + (8.02 * 36.76% / 100) = 10.96

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) = 0.0121
Ebitda Yield = 0.1522
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 = 0.0063
Debt = 0.0449
Market Cap = 0.2316
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2316 / (0.2316 + 0.0449) = 0.8376
Weight Cost Debt = 100% - 0.8376 = 0.1624
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 = -0.0633
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0633 * 5.94 + 0 = 0.0251
WACC = (0.0063 / 0.0449) * (100% - 0.8376) * (1 - 0.21) + 0.0251 + 0.8376 = 10.92
Terminal Value = Discount (0.0121 * (1 + 0.1522) / (10.92 - 0.1522)) = 0.1922
Company Value = ∑ (0.0121 / (1 + 10.92) ^ 5) = 0.0333
Price = (Terminal Value + Company Value) / Count shares = (0.1922 + 0.0333) / 26450000 = 8.53

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) = -0.4203
FCF Yield = 0.7395
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 = 0.0063
Debt = 0.0449
Market Cap = 0.2316
Weight Debt = Market Cap / (Market Cap + Debt) = 0.2316 / (0.2316 + 0.0449) = 0.8376
Weight Cost Debt = 100% - 0.8376 = 0.1624
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 = -0.0633
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.0633 * 5.94 + 0 = 0.0251
WACC = (0.0063 / 0.0449) * (100% - 0.8376) * (1 - 0.21) + 0.0251 + 0.8376 = 10.92
Terminal Value = Discount (-0.4203 * (1 + 0.7395) / (10.92 - 0.7395)) = -0.6909
Company Value = ∑ (-0.4203 / (1 + 10.92) ^ 5) = -0.618
Price = (Terminal Value + Company Value) / Count shares = (-0.6909 + -0.618) / 26450000 = -49.49