NYSE: SI - Silvergate Capital 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 = -29.73
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5 + (0.5 * 8.66% / 100) = 0.5433

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) = 1.48
Ebitda Yield = -2.17
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 = 0.0717
Debt = 4.32
Market Cap = 0.0494
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0494 / (0.0494 + 4.32) = 0.0113
Weight Cost Debt = 100% - 0.0113 = 0.9887
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.0717 / 4.32) * (100% - 0.0113) * (1 - 0.21) + 0.0289 + 0.0113 = 1.31
Terminal Value = Discount (1.48 * (1 + -2.17) / (1.31 - -2.17)) = -0.7415
Company Value = ∑ (1.48 / (1 + 1.31) ^ 5) = 1.11
Price = (Terminal Value + Company Value) / Count shares = (-0.7415 + 1.11) / 31550000 = 11.66

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) = 1.47
FCF Yield = 0.6695
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 = 0.0717
Debt = 4.32
Market Cap = 0.0494
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0494 / (0.0494 + 4.32) = 0.0113
Weight Cost Debt = 100% - 0.0113 = 0.9887
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (0.0717 / 4.32) * (100% - 0.0113) * (1 - 0.21) + 0.0289 + 0.0113 = 1.31
Terminal Value = Discount (1.47 * (1 + 0.6695) / (1.31 - 0.6695)) = 3.51
Company Value = ∑ (1.47 / (1 + 1.31) ^ 5) = 3.22
Price = (Terminal Value + Company Value) / Count shares = (3.51 + 3.22) / 31550000 = 213.24