NYSE: ULS - UL Solutions Inc.

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 = 1.3
CAGR EPS = 3%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.3 * (1 + 3%) / (0.0458 * 2) = 14.62

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) = 0.6128
Ebitda Yield = 0.0186
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 = 0.035
Debt = 0.943
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.943) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.6
β = 3.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 3.29 * 5.94 + 0 = 0.2217
WACC = (0.035 / 0.943) * (100% - 0) * (1 - 0.21) + 0.2217 + 0 = 2.93
Terminal Value = Discount (0.6128 * (1 + 0.0186) / (2.93 - 0.0186)) = 50.2
Company Value = ∑ (0.6128 / (1 + 2.93) ^ 5) = 2.71
Price = (Terminal Value + Company Value) / Count shares = (50.2 + 2.71) / 200000000 = 264.54

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) = 0.1732
FCF Yield = -0.0723
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 = 0.035
Debt = 0.943
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.943) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.6
β = 3.29
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 3.29 * 5.94 + 0 = 0.2217
WACC = (0.035 / 0.943) * (100% - 0) * (1 - 0.21) + 0.2217 + 0 = 2.93
Terminal Value = Discount (0.1732 * (1 + -0.0723) / (2.93 - -0.0723)) = 1.37
Company Value = ∑ (0.1732 / (1 + 2.93) ^ 5) = 0.9326
Price = (Terminal Value + Company Value) / Count shares = (1.37 + 0.9326) / 200000000 = 11.51