OTC: ETCC - Environmental Tectonics Corporation

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 = 0.1169
CAGR EPS = 19.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.33 + (1.33 * 19.66% / 100) = 1.59

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) = 0.0145
Ebitda Yield = 0.2847
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 = 0.000899
Debt = 0.0148
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0148) = 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) = 2.89
β = 0.7988
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7988 * 5.94 + 0 = 0.0764
WACC = (0.000899 / 0.0148) * (100% - 0) * (1 - 0.21) + 0.0764 + 0 = 4.8
Terminal Value = Discount (0.0145 * (1 + 0.2847) / (4.8 - 0.2847)) = 0.0621
Company Value = ∑ (0.0145 / (1 + 4.8) ^ 5) = 0.0397
Price = (Terminal Value + Company Value) / Count shares = (0.0621 + 0.0397) / 15570000 = 6.53

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) = -0.002
FCF Yield = -0.1278
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 = 0.000899
Debt = 0.0148
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0148) = 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) = 2.89
β = 0.7988
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7988 * 5.94 + 0 = 0.0764
WACC = (0.000899 / 0.0148) * (100% - 0) * (1 - 0.21) + 0.0764 + 0 = 4.8
Terminal Value = Discount (-0.002 * (1 + -0.1278) / (4.8 - -0.1278)) = -0.008
Company Value = ∑ (-0.002 / (1 + 4.8) ^ 5) = -0.012
Price = (Terminal Value + Company Value) / Count shares = (-0.008 + -0.012) / 15570000 = -1.28