NYSE: PAR - PAR Technology Corporation

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 = -2.53
CAGR EPS = 21.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 55.05 + (55.05 * 21.4% / 100) = 66.83

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) = -0.077
Ebitda Yield = 0.1823
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 = 0.0069
Debt = 0.379
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 0.379) = 0.731
Weight Cost Debt = 100% - 0.731 = 0.269
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 = 0.000882
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.000882 * 5.94 + 0 = 0.0283
WACC = (0.0069 / 0.379) * (100% - 0.731) * (1 - 0.21) + 0.0283 + 0.731 = 1.45
Terminal Value = Discount (-0.077 * (1 + 0.1823) / (1.45 - 0.1823)) = -0.5052
Company Value = ∑ (-0.077 / (1 + 1.45) ^ 5) = -0.2701
Price = (Terminal Value + Company Value) / Count shares = (-0.5052 + -0.2701) / 27550000 = -28.14

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) = -0.0327
FCF Yield = 0.0317
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 = 0.0069
Debt = 0.379
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 0.379) = 0.731
Weight Cost Debt = 100% - 0.731 = 0.269
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 = 0.000882
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.000882 * 5.94 + 0 = 0.0283
WACC = (0.0069 / 0.379) * (100% - 0.731) * (1 - 0.21) + 0.0283 + 0.731 = 1.45
Terminal Value = Discount (-0.0327 * (1 + 0.0317) / (1.45 - 0.0317)) = -1.82
Company Value = ∑ (-0.0327 / (1 + 1.45) ^ 5) = -0.147
Price = (Terminal Value + Company Value) / Count shares = (-1.82 + -0.147) / 27550000 = -71.55