OTC: FNMAM - Federal National Mortgage Association

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 = 14.66
CAGR EPS = 329.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.96 + (11.96 * 329.76% / 100) = 51.4

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) = 2.51
Ebitda Yield = -0.1511
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 = 121.82
Debt = 4228.1
Market Cap = 2.53
Weight Debt = Market Cap / (Market Cap + Debt) = 2.53 / (2.53 + 4228.1) = 0.000598
Weight Cost Debt = 100% - 0.000598 = 0.999402
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 = -0.2961
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2961 * 5.94 + 0 = 0.0063
WACC = (121.82 / 4228.1) * (100% - 0.000598) * (1 - 0.21) + 0.0063 + 0.000598 = 2.28
Terminal Value = Discount (2.51 * (1 + -0.1511) / (2.28 - -0.1511)) = 10.94
Company Value = ∑ (2.51 / (1 + 2.28) ^ 5) = 16.83
Price = (Terminal Value + Company Value) / Count shares = (10.94 + 16.83) / 1158090000 = 23.98

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) = -2.38
FCF Yield = -0.2569
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 = 121.82
Debt = 4228.1
Market Cap = 2.53
Weight Debt = Market Cap / (Market Cap + Debt) = 2.53 / (2.53 + 4228.1) = 0.000598
Weight Cost Debt = 100% - 0.000598 = 0.999402
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 = -0.2961
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2961 * 5.94 + 0 = 0.0063
WACC = (121.82 / 4228.1) * (100% - 0.000598) * (1 - 0.21) + 0.0063 + 0.000598 = 2.28
Terminal Value = Discount (-2.38 * (1 + -0.2569) / (2.28 - -0.2569)) = -5.66
Company Value = ∑ (-2.38 / (1 + 2.28) ^ 5) = -22.3
Price = (Terminal Value + Company Value) / Count shares = (-5.66 + -22.3) / 1158090000 = -24.14