NYSE: UAA - Under Armour

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 = 0.5145
CAGR EPS = 19.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.26 + (6.26 * 19.46% / 100) = 7.48

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.4191
Ebitda Yield = 0.0239
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 = 0.0173
Debt = 1.44
Market Cap = 3.36
Weight Debt = Market Cap / (Market Cap + Debt) = 3.36 / (3.36 + 1.44) = 0.6996
Weight Cost Debt = 100% - 0.6996 = 0.3004
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) = 2.39
β = 3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.5 * 5.94 + 0 = 0.2321
WACC = (0.0173 / 1.44) * (100% - 0.6996) * (1 - 0.21) + 0.2321 + 0.6996 = 1.1
Terminal Value = Discount (0.4191 * (1 + 0.0239) / (1.1 - 0.0239)) = 31.46
Company Value = ∑ (0.4191 / (1 + 1.1) ^ 5) = 1.93
Price = (Terminal Value + Company Value) / Count shares = (31.46 + 1.93) / 451010000 = 74.05

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) = 0.311
FCF Yield = 0.0884
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 = 0.0173
Debt = 1.44
Market Cap = 3.36
Weight Debt = Market Cap / (Market Cap + Debt) = 3.36 / (3.36 + 1.44) = 0.6996
Weight Cost Debt = 100% - 0.6996 = 0.3004
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) = 2.39
β = 3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 3.5 * 5.94 + 0 = 0.2321
WACC = (0.0173 / 1.44) * (100% - 0.6996) * (1 - 0.21) + 0.2321 + 0.6996 = 1.1
Terminal Value = Discount (0.311 * (1 + 0.0884) / (1.1 - 0.0884)) = 4.14
Company Value = ∑ (0.311 / (1 + 1.1) ^ 5) = 1.28
Price = (Terminal Value + Company Value) / Count shares = (4.14 + 1.28) / 451010000 = 12.02