NYSE: STOR - STORE Capital Corporation

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 = 1.16
CAGR EPS = -1.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.16 * (1 + -1.32%) / (0.0433 * 2) = 13.22

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) = 1.13
Ebitda Yield = 0.0719
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 = 0.1311
Debt = 4.89
Market Cap = 9.09
Weight Debt = Market Cap / (Market Cap + Debt) = 9.09 / (9.09 + 4.89) = 0.6502
Weight Cost Debt = 100% - 0.6502 = 0.3498
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 = (0.1311 / 4.89) * (100% - 0.6502) * (1 - 0.21) + 0.0289 + 0.6502 = 2.12
Terminal Value = Discount (1.13 * (1 + 0.0719) / (2.12 - 0.0719)) = 21.54
Company Value = ∑ (1.13 / (1 + 2.12) ^ 5) = 4.63
Price = (Terminal Value + Company Value) / Count shares = (21.54 + 4.63) / 282680000 = 92.58

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) = 0.8992
FCF Yield = 0.0771
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 = 0.1311
Debt = 4.89
Market Cap = 9.09
Weight Debt = Market Cap / (Market Cap + Debt) = 9.09 / (9.09 + 4.89) = 0.6502
Weight Cost Debt = 100% - 0.6502 = 0.3498
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 = (0.1311 / 4.89) * (100% - 0.6502) * (1 - 0.21) + 0.0289 + 0.6502 = 2.12
Terminal Value = Discount (0.8992 * (1 + 0.0771) / (2.12 - 0.0771)) = 15.62
Company Value = ∑ (0.8992 / (1 + 2.12) ^ 5) = 3.65
Price = (Terminal Value + Company Value) / Count shares = (15.62 + 3.65) / 282680000 = 68.16