NYSE: VVV - Valvoline 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 = 1.61
CAGR EPS = -0.9099%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.61 * (1 + -0.9099%) / (0.0433 * 2) = 18.47

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) = 0.2457
Ebitda Yield = -0.0772
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 = 0.0719
Debt = 1.37
Market Cap = 4.69
Weight Debt = Market Cap / (Market Cap + Debt) = 4.69 / (4.69 + 1.37) = 0.7735
Weight Cost Debt = 100% - 0.7735 = 0.2265
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 = -0.9463
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.9463 * 5.94 + 0 = -0.0273
WACC = (0.0719 / 1.37) * (100% - 0.7735) * (1 - 0.21) + -0.0273 + 0.7735 = 4.08
Terminal Value = Discount (0.2457 * (1 + -0.0772) / (4.08 - -0.0772)) = 1.57
Company Value = ∑ (0.2457 / (1 + 4.08) ^ 5) = 1.3
Price = (Terminal Value + Company Value) / Count shares = (1.57 + 1.3) / 131000000 = 21.91

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) = 0.011
FCF Yield = -0.2297
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 = 0.0719
Debt = 1.37
Market Cap = 4.69
Weight Debt = Market Cap / (Market Cap + Debt) = 4.69 / (4.69 + 1.37) = 0.7735
Weight Cost Debt = 100% - 0.7735 = 0.2265
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 = -0.9463
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.9463 * 5.94 + 0 = -0.0273
WACC = (0.0719 / 1.37) * (100% - 0.7735) * (1 - 0.21) + -0.0273 + 0.7735 = 4.08
Terminal Value = Discount (0.011 * (1 + -0.2297) / (4.08 - -0.2297)) = 0.0257
Company Value = ∑ (0.011 / (1 + 4.08) ^ 5) = 0.0902
Price = (Terminal Value + Company Value) / Count shares = (0.0257 + 0.0902) / 131000000 = 0.8848