OTC: PILBF - Pilbara Minerals Limited

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 = 0.0532
CAGR EPS = 51.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0532 * (1 + 51.23%) / (0.0433 * 2) = 0.9291

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) = 1.21
Ebitda Yield = 0.3272
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 = 0.0576
Debt = 0.5228
Market Cap = 9.1
Weight Debt = Market Cap / (Market Cap + Debt) = 9.1 / (9.1 + 0.5228) = 0.9457
Weight Cost Debt = 100% - 0.9457 = 0.0543
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) = 2.82
β = 5.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.39 * 5.94 + 0 = 0.3484
WACC = (0.0576 / 0.5228) * (100% - 0.9457) * (1 - 0.21) + 0.3484 + 0.9457 = 8.95
Terminal Value = Discount (1.21 * (1 + 0.3272) / (8.95 - 0.3272)) = 4.41
Company Value = ∑ (1.21 / (1 + 8.95) ^ 5) = 2.76
Price = (Terminal Value + Company Value) / Count shares = (4.41 + 2.76) / 3038940000 = 2.36

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) = -9.25
FCF Yield = 0.6373
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 = 0.0576
Debt = 0.5228
Market Cap = 9.1
Weight Debt = Market Cap / (Market Cap + Debt) = 9.1 / (9.1 + 0.5228) = 0.9457
Weight Cost Debt = 100% - 0.9457 = 0.0543
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) = 2.82
β = 5.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 5.39 * 5.94 + 0 = 0.3484
WACC = (0.0576 / 0.5228) * (100% - 0.9457) * (1 - 0.21) + 0.3484 + 0.9457 = 8.95
Terminal Value = Discount (-9.25 * (1 + 0.6373) / (8.95 - 0.6373)) = -18.01
Company Value = ∑ (-9.25 / (1 + 8.95) ^ 5) = -15.66
Price = (Terminal Value + Company Value) / Count shares = (-18.01 + -15.66) / 3038940000 = -11.08