NYSE: TDY - Teledyne Technologies Incorporated

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 = 18.49
CAGR EPS = 11.5%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 18.49 * (1 + 11.5%) / (0.0433 * 2) = 238.08

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) = 3.11
Ebitda Yield = 0.1794
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 = 0.0855
Debt = 3.28
Market Cap = 18.78
Weight Debt = Market Cap / (Market Cap + Debt) = 18.78 / (18.78 + 3.28) = 0.8515
Weight Cost Debt = 100% - 0.8515 = 0.1485
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 = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (0.0855 / 3.28) * (100% - 0.8515) * (1 - 0.21) + 0.1046 + 0.8515 = 2.13
Terminal Value = Discount (3.11 * (1 + 0.1794) / (2.13 - 0.1794)) = 20.85
Company Value = ∑ (3.11 / (1 + 2.13) ^ 5) = 10.7
Price = (Terminal Value + Company Value) / Count shares = (20.85 + 10.7) / 47900000 = 658.55

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) = 1.18
FCF Yield = 0.103
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 = 0.0855
Debt = 3.28
Market Cap = 18.78
Weight Debt = Market Cap / (Market Cap + Debt) = 18.78 / (18.78 + 3.28) = 0.8515
Weight Cost Debt = 100% - 0.8515 = 0.1485
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 = 1.26
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.26 * 5.94 + 0 = 0.1046
WACC = (0.0855 / 3.28) * (100% - 0.8515) * (1 - 0.21) + 0.1046 + 0.8515 = 2.13
Terminal Value = Discount (1.18 * (1 + 0.103) / (2.13 - 0.103)) = 14.31
Company Value = ∑ (1.18 / (1 + 2.13) ^ 5) = 4.57
Price = (Terminal Value + Company Value) / Count shares = (14.31 + 4.57) / 47900000 = 394.21