OTC: WOPEY - Woodside Petroleum Ltd

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 = 2.04
CAGR EPS = 11.2%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 22.63 + (22.63 * 11.2% / 100) = 25.16

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) = 8.2
Ebitda Yield = 0.0992
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
Debt = 6.8
Market Cap = 19.7
Weight Debt = Market Cap / (Market Cap + Debt) = 19.7 / (19.7 + 6.8) = 0.7434
Weight Cost Debt = 100% - 0.7434 = 0.2566
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 6.8) * (100% - 0.7434) * (1 - 0.21) + 0.03 + 0.7434 = 0.0223
Terminal Value = Discount (8.2 * (1 + 0.0992) / (0.0223 - 0.0992)) = 90.95
Company Value = ∑ (8.2 / (1 + 0.0223) ^ 5) = 34.21
Price = (Terminal Value + Company Value) / Count shares = (90.95 + 34.21) / 935000000 = 133.87

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) = 1.79
FCF Yield = 0.0523
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
Debt = 6.8
Market Cap = 19.7
Weight Debt = Market Cap / (Market Cap + Debt) = 19.7 / (19.7 + 6.8) = 0.7434
Weight Cost Debt = 100% - 0.7434 = 0.2566
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0 * 5.94 + 0 = 0.03
WACC = (0 / 6.8) * (100% - 0.7434) * (1 - 0.21) + 0.03 + 0.7434 = 0.0223
Terminal Value = Discount (1.79 * (1 + 0.0523) / (0.0223 - 0.0523)) = 36.11
Company Value = ∑ (1.79 / (1 + 0.0223) ^ 5) = 8.09
Price = (Terminal Value + Company Value) / Count shares = (36.11 + 8.09) / 935000000 = 47.27