OTC: FRRVY - Ferrovial, S.A.

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 = 0.2734
CAGR EPS = 19.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2734 * (1 + 19.64%) / (0.0433 * 2) = 3.78

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) = 1.17
Ebitda Yield = 0.0347
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 = 0.3807
Debt = 12.59
Market Cap = 24.3
Weight Debt = Market Cap / (Market Cap + Debt) = 24.3 / (24.3 + 12.59) = 0.6587
Weight Cost Debt = 100% - 0.6587 = 0.3413
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.3807 / 12.59) * (100% - 0.6587) * (1 - 0.21) + 0.0275 + 0.6587 = 2.39
Terminal Value = Discount (1.17 * (1 + 0.0347) / (2.39 - 0.0347)) = 100.28
Company Value = ∑ (1.17 / (1 + 2.39) ^ 5) = 5.1
Price = (Terminal Value + Company Value) / Count shares = (100.28 + 5.1) / 723480000 = 145.66

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) = 1.17
FCF Yield = 0.0517
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 = 0.3807
Debt = 12.59
Market Cap = 24.3
Weight Debt = Market Cap / (Market Cap + Debt) = 24.3 / (24.3 + 12.59) = 0.6587
Weight Cost Debt = 100% - 0.6587 = 0.3413
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.3807 / 12.59) * (100% - 0.6587) * (1 - 0.21) + 0.0275 + 0.6587 = 2.39
Terminal Value = Discount (1.17 * (1 + 0.0517) / (2.39 - 0.0517)) = 39.19
Company Value = ∑ (1.17 / (1 + 2.39) ^ 5) = 4.92
Price = (Terminal Value + Company Value) / Count shares = (39.19 + 4.92) / 723480000 = 60.97