NYSE: SWN - Southwestern Energy

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 = 1.41
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.24 + (7.24 * 8.66% / 100) = 7.86

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) = 4.57
Ebitda Yield = 0.1744
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 = 0.142
Debt = 3.99
Market Cap = 7.16
Weight Debt = Market Cap / (Market Cap + Debt) = 7.16 / (7.16 + 3.99) = 0.6421
Weight Cost Debt = 100% - 0.6421 = 0.3579
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.142 / 3.99) * (100% - 0.6421) * (1 - 0.21) + 0.0282 + 0.6421 = 2.81
Terminal Value = Discount (4.57 * (1 + 0.1744) / (2.81 - 0.1744)) = 31.93
Company Value = ∑ (4.57 / (1 + 2.81) ^ 5) = 15.51
Price = (Terminal Value + Company Value) / Count shares = (31.93 + 15.51) / 1103410000 = 42.99

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) = 1.21
FCF Yield = 0.2838
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 = 0.142
Debt = 3.99
Market Cap = 7.16
Weight Debt = Market Cap / (Market Cap + Debt) = 7.16 / (7.16 + 3.99) = 0.6421
Weight Cost Debt = 100% - 0.6421 = 0.3579
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 = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.142 / 3.99) * (100% - 0.6421) * (1 - 0.21) + 0.0282 + 0.6421 = 2.81
Terminal Value = Discount (1.21 * (1 + 0.2838) / (2.81 - 0.2838)) = 5.27
Company Value = ∑ (1.21 / (1 + 2.81) ^ 5) = 3.54
Price = (Terminal Value + Company Value) / Count shares = (5.27 + 3.54) / 1103410000 = 7.98