NYSE: SQ - Square

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 = 0.0159
CAGR EPS = -54.38%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0159 * (1 + -54.38%) / (0.0433 * 2) = 0.0838

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) = 1.07
Ebitda Yield = 0.2242
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 = 0.0472
Debt = 5.78
Market Cap = 34.7
Weight Debt = Market Cap / (Market Cap + Debt) = 34.7 / (34.7 + 5.78) = 0.8572
Weight Cost Debt = 100% - 0.8572 = 0.1428
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 = -1.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.79 * 5.94 + 0 = -0.078
WACC = (0.0472 / 5.78) * (100% - 0.8572) * (1 - 0.21) + -0.078 + 0.8572 = 0.5728
Terminal Value = Discount (1.07 * (1 + 0.2242) / (0.5728 - 0.2242)) = 5.85
Company Value = ∑ (1.07 / (1 + 0.5728) ^ 5) = 3.66
Price = (Terminal Value + Company Value) / Count shares = (5.85 + 3.66) / 614020000 = 15.48

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) = 0.000189
FCF Yield = -1.33
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 = 0.0472
Debt = 5.78
Market Cap = 34.7
Weight Debt = Market Cap / (Market Cap + Debt) = 34.7 / (34.7 + 5.78) = 0.8572
Weight Cost Debt = 100% - 0.8572 = 0.1428
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 = -1.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -1.79 * 5.94 + 0 = -0.078
WACC = (0.0472 / 5.78) * (100% - 0.8572) * (1 - 0.21) + -0.078 + 0.8572 = 0.5728
Terminal Value = Discount (0.000189 * (1 + -1.33) / (0.5728 - -1.33)) = -4.5E-5
Company Value = ∑ (0.000189 / (1 + 0.5728) ^ 5) = 0.0124
Price = (Terminal Value + Company Value) / Count shares = (-4.5E-5 + 0.0124) / 614020000 = 0.0201