NYSE: NVR - NVR, Inc.

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 = 463.31
CAGR EPS = 15.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 463.31 * (1 + 15.94%) / (0.0433 * 2) = 6202.99

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) = 3.29
Ebitda Yield = 0.1074
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 = 0.0277
Debt = 1.25
Market Cap = 20
Weight Debt = Market Cap / (Market Cap + Debt) = 20 / (20 + 1.25) = 0.9413
Weight Cost Debt = 100% - 0.9413 = 0.0587
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 = -1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.14 * 5.94 + 0 = -0.0386
WACC = (0.0277 / 1.25) * (100% - 0.9413) * (1 - 0.21) + -0.0386 + 0.9413 = 1.7
Terminal Value = Discount (3.29 * (1 + 0.1074) / (1.7 - 0.1074)) = 37.02
Company Value = ∑ (3.29 / (1 + 1.7) ^ 5) = 12.83
Price = (Terminal Value + Company Value) / Count shares = (37.02 + 12.83) / 3440000 = 14488.78

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) = 2.31
FCF Yield = 0.0943
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 = 0.0277
Debt = 1.25
Market Cap = 20
Weight Debt = Market Cap / (Market Cap + Debt) = 20 / (20 + 1.25) = 0.9413
Weight Cost Debt = 100% - 0.9413 = 0.0587
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 = -1.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.14 * 5.94 + 0 = -0.0386
WACC = (0.0277 / 1.25) * (100% - 0.9413) * (1 - 0.21) + -0.0386 + 0.9413 = 1.7
Terminal Value = Discount (2.31 * (1 + 0.0943) / (1.7 - 0.0943)) = 30.09
Company Value = ∑ (2.31 / (1 + 1.7) ^ 5) = 9.23
Price = (Terminal Value + Company Value) / Count shares = (30.09 + 9.23) / 3440000 = 11428.07