OTC: AUTLF - Austal Limited

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 = 0.0254
CAGR EPS = -36.55%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0254 * (1 + -36.55%) / (0.0433 * 2) = 0.1861

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) = 0.0063
Ebitda Yield = -0.2516
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 = 0.0118
Debt = 0.2605
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2605) = 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) = 2.39
β = -3.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -3.9 * 5.94 + 0 = -0.208
WACC = (0.0118 / 0.2605) * (100% - 0) * (1 - 0.21) + -0.208 + 0 = 3.58
Terminal Value = Discount (0.0063 * (1 + -0.2516) / (3.58 - -0.2516)) = 0.0138
Company Value = ∑ (0.0063 / (1 + 3.58) ^ 5) = 0.0563
Price = (Terminal Value + Company Value) / Count shares = (0.0138 + 0.0563) / 362510000 = 0.1932

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) = -0.1188
FCF Yield = 0.1825
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 = 0.0118
Debt = 0.2605
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.2605) = 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) = 2.39
β = -3.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -3.9 * 5.94 + 0 = -0.208
WACC = (0.0118 / 0.2605) * (100% - 0) * (1 - 0.21) + -0.208 + 0 = 3.58
Terminal Value = Discount (-0.1188 * (1 + 0.1825) / (3.58 - 0.1825)) = -0.8035
Company Value = ∑ (-0.1188 / (1 + 3.58) ^ 5) = -0.3891
Price = (Terminal Value + Company Value) / Count shares = (-0.8035 + -0.3891) / 362510000 = -3.29