NYSE: VMW - VMware, 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 = 3.09
CAGR EPS = -12.01%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.09 * (1 + -12.01%) / (0.0433 * 2) = 31.35

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) = 3.1
Ebitda Yield = -0.0107
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 = 0.304
Debt = 10.44
Market Cap = 66.65
Weight Debt = Market Cap / (Market Cap + Debt) = 66.65 / (66.65 + 10.44) = 0.8646
Weight Cost Debt = 100% - 0.8646 = 0.1354
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 = (0.304 / 10.44) * (100% - 0.8646) * (1 - 0.21) + 0.0289 + 0.8646 = 2.31
Terminal Value = Discount (3.1 * (1 + -0.0107) / (2.31 - -0.0107)) = 81.24
Company Value = ∑ (3.1 / (1 + 2.31) ^ 5) = 14.82
Price = (Terminal Value + Company Value) / Count shares = (81.24 + 14.82) / 425860000 = 225.55

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) = 4.23
FCF Yield = 0.0192
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 = 0.304
Debt = 10.44
Market Cap = 66.65
Weight Debt = Market Cap / (Market Cap + Debt) = 66.65 / (66.65 + 10.44) = 0.8646
Weight Cost Debt = 100% - 0.8646 = 0.1354
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 = (0.304 / 10.44) * (100% - 0.8646) * (1 - 0.21) + 0.0289 + 0.8646 = 2.31
Terminal Value = Discount (4.23 * (1 + 0.0192) / (2.31 - 0.0192)) = 992.42
Company Value = ∑ (4.23 / (1 + 2.31) ^ 5) = 19.03
Price = (Terminal Value + Company Value) / Count shares = (992.42 + 19.03) / 425860000 = 2375.09