NYSE: SHAK - Shake Shack 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 = 0.2309
CAGR EPS = 17.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2309 * (1 + 17.11%) / (0.0433 * 2) = 3.12

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) = 1.52
Ebitda Yield = 0.6586
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 = 0.002
Debt = 0.7969
Market Cap = 2.74
Weight Debt = Market Cap / (Market Cap + Debt) = 2.74 / (2.74 + 0.7969) = 0.7747
Weight Cost Debt = 100% - 0.7747 = 0.2253
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) = 2.39
β = 3.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.24 * 5.94 + 0 = 0.2163
WACC = (0.002 / 0.7969) * (100% - 0.7747) * (1 - 0.21) + 0.2163 + 0.7747 = 0.3687
Terminal Value = Discount (1.52 * (1 + 0.6586) / (0.3687 - 0.6586)) = 3.77
Company Value = ∑ (1.52 / (1 + 0.3687) ^ 5) = 3.47
Price = (Terminal Value + Company Value) / Count shares = (3.77 + 3.47) / 44200000 = 163.8

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) = 0.0902
FCF Yield = 0.2041
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 = 0.002
Debt = 0.7969
Market Cap = 2.74
Weight Debt = Market Cap / (Market Cap + Debt) = 2.74 / (2.74 + 0.7969) = 0.7747
Weight Cost Debt = 100% - 0.7747 = 0.2253
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) = 2.39
β = 3.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.24 * 5.94 + 0 = 0.2163
WACC = (0.002 / 0.7969) * (100% - 0.7747) * (1 - 0.21) + 0.2163 + 0.7747 = 0.3687
Terminal Value = Discount (0.0902 * (1 + 0.2041) / (0.3687 - 0.2041)) = 0.5323
Company Value = ∑ (0.0902 / (1 + 0.3687) ^ 5) = 0.3181
Price = (Terminal Value + Company Value) / Count shares = (0.5323 + 0.3181) / 44200000 = 19.24