NYSE: PDS - Precision Drilling 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 = 18.92
CAGR EPS = 65.75%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 63.51 + (63.51 * 65.75% / 100) = 105.26

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) = 0.9006
Ebitda Yield = 0.0806
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 = 0.0848
Debt = 0.9351
Market Cap = 0.8883
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8883 / (0.8883 + 0.9351) = 0.4872
Weight Cost Debt = 100% - 0.4872 = 0.5128
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 = -0.969
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.969 * 5.94 + 0 = -0.0316
WACC = (0.0848 / 0.9351) * (100% - 0.4872) * (1 - 0.21) + -0.0316 + 0.4872 = 7.11
Terminal Value = Discount (0.9006 * (1 + 0.0806) / (7.11 - 0.0806)) = 72.7
Company Value = ∑ (0.9006 / (1 + 7.11) ^ 5) = 3.14
Price = (Terminal Value + Company Value) / Count shares = (72.7 + 3.14) / 15290000 = 4960.19

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) = 0.5094
FCF Yield = 0.1322
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 = 0.0848
Debt = 0.9351
Market Cap = 0.8883
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8883 / (0.8883 + 0.9351) = 0.4872
Weight Cost Debt = 100% - 0.4872 = 0.5128
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 = -0.969
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.969 * 5.94 + 0 = -0.0316
WACC = (0.0848 / 0.9351) * (100% - 0.4872) * (1 - 0.21) + -0.0316 + 0.4872 = 7.11
Terminal Value = Discount (0.5094 * (1 + 0.1322) / (7.11 - 0.1322)) = 6.7
Company Value = ∑ (0.5094 / (1 + 7.11) ^ 5) = 1.62
Price = (Terminal Value + Company Value) / Count shares = (6.7 + 1.62) / 15290000 = 544.28