OTC: SAPMF - Saipem SpA

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 = 0.0891
CAGR EPS = -58.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0891 * (1 + -58.92%) / (0.0433 * 2) = 0.4226

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) = 0.803
Ebitda Yield = -0.0333
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 = 0.161
Debt = 2.69
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.69) = 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) = 2.82
β = 0.3429
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3429 * 5.94 + 0 = 0.0486
WACC = (0.161 / 2.69) * (100% - 0) * (1 - 0.21) + 0.0486 + 0 = 4.72
Terminal Value = Discount (0.803 * (1 + -0.0333) / (4.72 - -0.0333)) = 7.65
Company Value = ∑ (0.803 / (1 + 4.72) ^ 5) = 3.76
Price = (Terminal Value + Company Value) / Count shares = (7.65 + 3.76) / 2008950000 = 5.68

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) = 0.0197
FCF Yield = -0.2828
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 = 0.161
Debt = 2.69
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 2.69) = 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) = 2.82
β = 0.3429
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3429 * 5.94 + 0 = 0.0486
WACC = (0.161 / 2.69) * (100% - 0) * (1 - 0.21) + 0.0486 + 0 = 4.72
Terminal Value = Discount (0.0197 * (1 + -0.2828) / (4.72 - -0.2828)) = 0.034
Company Value = ∑ (0.0197 / (1 + 4.72) ^ 5) = 0.1919
Price = (Terminal Value + Company Value) / Count shares = (0.034 + 0.1919) / 2008950000 = 0.1125