OTC: SWGAF - The Swatch Group AG

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 = 16.75
CAGR EPS = 17.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 210.08 + (210.08 * 17.71% / 100) = 247.27

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) = 1.6
Ebitda Yield = 0.0072
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 = 0.004
Debt = 0.075
Market Cap = 14.53
Weight Debt = Market Cap / (Market Cap + Debt) = 14.53 / (14.53 + 0.075) = 0.9949
Weight Cost Debt = 100% - 0.9949 = 0.0051
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) = 3
β = -0.3542
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3542 * 5.94 + 0 = 0.009
WACC = (0.004 / 0.075) * (100% - 0.9949) * (1 - 0.21) + 0.009 + 0.9949 = 4.18
Terminal Value = Discount (1.6 * (1 + 0.0072) / (4.18 - 0.0072)) = 37.97
Company Value = ∑ (1.6 / (1 + 4.18) ^ 5) = 6.98
Price = (Terminal Value + Company Value) / Count shares = (37.97 + 6.98) / 51890000 = 866.23

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) = 0.0015
FCF Yield = -1.39
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 = 0.004
Debt = 0.075
Market Cap = 14.53
Weight Debt = Market Cap / (Market Cap + Debt) = 14.53 / (14.53 + 0.075) = 0.9949
Weight Cost Debt = 100% - 0.9949 = 0.0051
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) = 3
β = -0.3542
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3542 * 5.94 + 0 = 0.009
WACC = (0.004 / 0.075) * (100% - 0.9949) * (1 - 0.21) + 0.009 + 0.9949 = 4.18
Terminal Value = Discount (0.0015 * (1 + -1.39) / (4.18 - -1.39)) = -0.000341
Company Value = ∑ (0.0015 / (1 + 4.18) ^ 5) = 0.0467
Price = (Terminal Value + Company Value) / Count shares = (-0.000341 + 0.0467) / 51890000 = 0.8927