OTC: ADYEY - Adyen N.V.

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 = 22.41
CAGR EPS = 38.1%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.91 + (13.91 * 38.1% / 100) = 19.21

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) = 2.99
Ebitda Yield = 0.2368
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 = 0.0048
Debt = 0.2231
Market Cap = 29.41
Weight Debt = Market Cap / (Market Cap + Debt) = 29.41 / (29.41 + 0.2231) = 0.9925
Weight Cost Debt = 100% - 0.9925 = 0.0075
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) = 2.75
β = 0.1775
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1775 * 5.94 + 0 = 0.038
WACC = (0.0048 / 0.2231) * (100% - 0.9925) * (1 - 0.21) + 0.038 + 0.9925 = 1.71
Terminal Value = Discount (2.99 * (1 + 0.2368) / (1.71 - 0.2368)) = 15.46
Company Value = ∑ (2.99 / (1 + 1.71) ^ 5) = 9.64
Price = (Terminal Value + Company Value) / Count shares = (15.46 + 9.64) / 31160000 = 805.57

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) = 5.06
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 = 0.0048
Debt = 0.2231
Market Cap = 29.41
Weight Debt = Market Cap / (Market Cap + Debt) = 29.41 / (29.41 + 0.2231) = 0.9925
Weight Cost Debt = 100% - 0.9925 = 0.0075
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) = 2.75
β = 0.1775
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1775 * 5.94 + 0 = 0.038
WACC = (0.0048 / 0.2231) * (100% - 0.9925) * (1 - 0.21) + 0.038 + 0.9925 = 1.71
Terminal Value = Discount (5.06 * (1 + 0.2297) / (1.71 - 0.2297)) = 26.9
Company Value = ∑ (5.06 / (1 + 1.71) ^ 5) = 16.49
Price = (Terminal Value + Company Value) / Count shares = (26.9 + 16.49) / 31160000 = 1392.39