NYSE: SMLP - Summit Midstream Partners, LP

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 = -3.77
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.65 + (28.65 * 8.66% / 100) = 31.13

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) = 0.2556
Ebitda Yield = 0.0456
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 = 0.1408
Debt = 1.47
Market Cap = 0.1416
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1416 / (0.1416 + 1.47) = 0.0876
Weight Cost Debt = 100% - 0.0876 = 0.9124
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.1408 / 1.47) * (100% - 0.0876) * (1 - 0.21) + 0.03 + 0.0876 = 7.54
Terminal Value = Discount (0.2556 * (1 + 0.0456) / (7.54 - 0.0456)) = 6.24
Company Value = ∑ (0.2556 / (1 + 7.54) ^ 5) = 0.9407
Price = (Terminal Value + Company Value) / Count shares = (6.24 + 0.9407) / 10330000 = 695.3

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) = 32.06
FCF Yield = 2.54
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 = 0.1408
Debt = 1.47
Market Cap = 0.1416
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1416 / (0.1416 + 1.47) = 0.0876
Weight Cost Debt = 100% - 0.0876 = 0.9124
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) = 3
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0.1408 / 1.47) * (100% - 0.0876) * (1 - 0.21) + 0.03 + 0.0876 = 7.54
Terminal Value = Discount (32.06 * (1 + 2.54) / (7.54 - 2.54)) = 32.04
Company Value = ∑ (32.06 / (1 + 7.54) ^ 5) = 31.96
Price = (Terminal Value + Company Value) / Count shares = (32.04 + 31.96) / 10330000 = 6194.96