OTC: GOLLQ - Gol Linhas Aéreas Inteligentes 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 = -2.92
CAGR EPS = 66.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.43 + (1.43 * 66.24% / 100) = 2.37

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) = 27.25
Ebitda Yield = 0.3669
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 = 3.2
Debt = 12.32
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 12.32) = 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) = 2.75
β = -1.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.74 * 5.94 + 0 = -0.0759
WACC = (3.2 / 12.32) * (100% - 0) * (1 - 0.21) + -0.0759 + 0 = 20.51
Terminal Value = Discount (27.25 * (1 + 0.3669) / (20.51 - 0.3669)) = 90.57
Company Value = ∑ (27.25 / (1 + 20.51) ^ 5) = 42.33
Price = (Terminal Value + Company Value) / Count shares = (90.57 + 42.33) / 3200550000 = 41.52

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) = 35.57
FCF Yield = 0.8473
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 = 3.2
Debt = 12.32
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 12.32) = 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) = 2.75
β = -1.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.74 * 5.94 + 0 = -0.0759
WACC = (3.2 / 12.32) * (100% - 0) * (1 - 0.21) + -0.0759 + 0 = 20.51
Terminal Value = Discount (35.57 * (1 + 0.8473) / (20.51 - 0.8473)) = 40.26
Company Value = ∑ (35.57 / (1 + 20.51) ^ 5) = 35.5
Price = (Terminal Value + Company Value) / Count shares = (40.26 + 35.5) / 3200550000 = 23.67