OTC: GCTAY - Siemens Gamesa Renewable Energy, S.A.

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 = -0.276
CAGR EPS = -156.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -156.29% / 100) = 1.7

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) = 0.0239
Ebitda Yield = -1.53
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 = 0.0628
Debt = 2.47
Market Cap = 13.18
Weight Debt = Market Cap / (Market Cap + Debt) = 13.18 / (13.18 + 2.47) = 0.8422
Weight Cost Debt = 100% - 0.8422 = 0.1578
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0628 / 2.47) * (100% - 0.8422) * (1 - 0.21) + 0.026 + 0.8422 = 2.01
Terminal Value = Discount (0.0239 * (1 + -1.53) / (2.01 - -1.53)) = -0.0074
Company Value = ∑ (0.0239 / (1 + 2.01) ^ 5) = 0.1978
Price = (Terminal Value + Company Value) / Count shares = (-0.0074 + 0.1978) / 3403520000 = 0.0559

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) = 0.1526
FCF Yield = -1.75
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 = 0.0628
Debt = 2.47
Market Cap = 13.18
Weight Debt = Market Cap / (Market Cap + Debt) = 13.18 / (13.18 + 2.47) = 0.8422
Weight Cost Debt = 100% - 0.8422 = 0.1578
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0628 / 2.47) * (100% - 0.8422) * (1 - 0.21) + 0.026 + 0.8422 = 2.01
Terminal Value = Discount (0.1526 * (1 + -1.75) / (2.01 - -1.75)) = -0.0583
Company Value = ∑ (0.1526 / (1 + 2.01) ^ 5) = 0.3374
Price = (Terminal Value + Company Value) / Count shares = (-0.0583 + 0.3374) / 3403520000 = 0.082