NYSE: PEI - Pennsylvania Real Estate Investment Trust

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 = -30.43
CAGR EPS = 5.1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.55 + (1.55 * 5.1% / 100) = 1.63

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) = 0.0782
Ebitda Yield = -0.0096
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 = 0.1334
Debt = 1.79
Market Cap = 0.0143
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0143 / (0.0143 + 1.79) = 0.0079
Weight Cost Debt = 100% - 0.0079 = 0.9921
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.1334 / 1.79) * (100% - 0.0079) * (1 - 0.21) + 0.026 + 0.0079 = 5.89
Terminal Value = Discount (0.0782 * (1 + -0.0096) / (5.89 - -0.0096)) = 0.8504
Company Value = ∑ (0.0782 / (1 + 5.89) ^ 5) = 0.3374
Price = (Terminal Value + Company Value) / Count shares = (0.8504 + 0.3374) / 5320000 = 223.27

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) = 0.0437
FCF Yield = -0.0871
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 = 0.1334
Debt = 1.79
Market Cap = 0.0143
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0143 / (0.0143 + 1.79) = 0.0079
Weight Cost Debt = 100% - 0.0079 = 0.9921
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.1334 / 1.79) * (100% - 0.0079) * (1 - 0.21) + 0.026 + 0.0079 = 5.89
Terminal Value = Discount (0.0437 * (1 + -0.0871) / (5.89 - -0.0871)) = 0.2055
Company Value = ∑ (0.0437 / (1 + 5.89) ^ 5) = 0.226
Price = (Terminal Value + Company Value) / Count shares = (0.2055 + 0.226) / 5320000 = 81.1