OTC: FRCB - First Republic Bank

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 = 9.1
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.023 + (0.023 * 8.66% / 100) = 0.025

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) = 3.01
Ebitda Yield = 0.0523
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 = 0.888
Debt = 15.28
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 15.28) = 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) = 3
β = -5.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.05 * 5.94 + 0 = -0.27
WACC = (0.888 / 15.28) * (100% - 0) * (1 - 0.21) + -0.27 + 0 = 4.59
Terminal Value = Discount (3.01 * (1 + 0.0523) / (4.59 - 0.0523)) = 397.23
Company Value = ∑ (3.01 / (1 + 4.59) ^ 5) = 11.88
Price = (Terminal Value + Company Value) / Count shares = (397.23 + 11.88) / 183000000 = 2235.6

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) = 0.0064
FCF Yield = -0.3501
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 = 0.888
Debt = 15.28
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 15.28) = 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) = 3
β = -5.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.05 * 5.94 + 0 = -0.27
WACC = (0.888 / 15.28) * (100% - 0) * (1 - 0.21) + -0.27 + 0 = 4.59
Terminal Value = Discount (0.0064 * (1 + -0.3501) / (4.59 - -0.3501)) = 0.0084
Company Value = ∑ (0.0064 / (1 + 4.59) ^ 5) = 0.0819
Price = (Terminal Value + Company Value) / Count shares = (0.0084 + 0.0819) / 183000000 = 0.4933