NYSE: SPOT - Spotify Technology S.A.

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 = 5.49
CAGR EPS = 29.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.49 * (1 + 29.47%) / (0.0433 * 2) = 82.03

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) = 17.88
Ebitda Yield = 0.6419
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 = 0.036
Debt = 2
Market Cap = 25.67
Weight Debt = Market Cap / (Market Cap + Debt) = 25.67 / (25.67 + 2) = 0.9277
Weight Cost Debt = 100% - 0.9277 = 0.0723
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) = 2.82
β = -3.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.42 * 5.94 + 0 = -0.1748
WACC = (0.036 / 2) * (100% - 0.9277) * (1 - 0.21) + -0.1748 + 0.9277 = 1.25
Terminal Value = Discount (17.88 * (1 + 0.6419) / (1.25 - 0.6419)) = 43.83
Company Value = ∑ (17.88 / (1 + 1.25) ^ 5) = 39.92
Price = (Terminal Value + Company Value) / Count shares = (43.83 + 39.92) / 207400000 = 403.83

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) = 19.04
FCF Yield = 0.5283
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 = 0.036
Debt = 2
Market Cap = 25.67
Weight Debt = Market Cap / (Market Cap + Debt) = 25.67 / (25.67 + 2) = 0.9277
Weight Cost Debt = 100% - 0.9277 = 0.0723
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) = 2.82
β = -3.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.42 * 5.94 + 0 = -0.1748
WACC = (0.036 / 2) * (100% - 0.9277) * (1 - 0.21) + -0.1748 + 0.9277 = 1.25
Terminal Value = Discount (19.04 * (1 + 0.5283) / (1.25 - 0.5283)) = 53.03
Company Value = ∑ (19.04 / (1 + 1.25) ^ 5) = 46.26
Price = (Terminal Value + Company Value) / Count shares = (53.03 + 46.26) / 207400000 = 478.77