NYSE: MGM - MGM Resorts International

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 = 3.18
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 37.25 + (37.25 * 8.66% / 100) = 40.48

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) = 1.64
Ebitda Yield = -0.098
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 = 0.4603
Debt = 6.49
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.49) = 0.6971
Weight Cost Debt = 100% - 0.6971 = 0.3029
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 = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1773
WACC = (0.4603 / 6.49) * (100% - 0.6971) * (1 - 0.21) + 0.1773 + 0.6971 = 5.69
Terminal Value = Discount (1.64 * (1 + -0.098) / (5.69 - -0.098)) = 7.24
Company Value = ∑ (1.64 / (1 + 5.69) ^ 5) = 8.75
Price = (Terminal Value + Company Value) / Count shares = (7.24 + 8.75) / 358630000 = 44.61

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) = 2.63
FCF Yield = 0.0836
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 = 0.4603
Debt = 6.49
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.49) = 0.6971
Weight Cost Debt = 100% - 0.6971 = 0.3029
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 = 2.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.51 * 5.94 + 0 = 0.1773
WACC = (0.4603 / 6.49) * (100% - 0.6971) * (1 - 0.21) + 0.1773 + 0.6971 = 5.69
Terminal Value = Discount (2.63 * (1 + 0.0836) / (5.69 - 0.0836)) = 80.8
Company Value = ∑ (2.63 / (1 + 5.69) ^ 5) = 9.48
Price = (Terminal Value + Company Value) / Count shares = (80.8 + 9.48) / 358630000 = 251.75