OTC: ZFSVF - Zurich Insurance Group AG

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 = 30.22
CAGR EPS = 1.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 30.22 * (1 + 1.53%) / (0.0433 * 2) = 354.26

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) = 68.31
Ebitda Yield = -0.0048
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 = 0.456
Debt = 13.79
Market Cap = 70.01
Weight Debt = Market Cap / (Market Cap + Debt) = 70.01 / (70.01 + 13.79) = 0.8355
Weight Cost Debt = 100% - 0.8355 = 0.1645
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) = 2.89
β = -0.1166
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1166 * 5.94 + 0 = 0.022
WACC = (0.456 / 13.79) * (100% - 0.8355) * (1 - 0.21) + 0.022 + 0.8355 = 2.61
Terminal Value = Discount (68.31 * (1 + -0.0048) / (2.61 - -0.0048)) = 1935.94
Company Value = ∑ (68.31 / (1 + 2.61) ^ 5) = 319.48
Price = (Terminal Value + Company Value) / Count shares = (1935.94 + 319.48) / 143990000 = 15663.73

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) = 10.52
FCF Yield = 0.0872
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 = 0.456
Debt = 13.79
Market Cap = 70.01
Weight Debt = Market Cap / (Market Cap + Debt) = 70.01 / (70.01 + 13.79) = 0.8355
Weight Cost Debt = 100% - 0.8355 = 0.1645
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) = 2.89
β = -0.1166
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1166 * 5.94 + 0 = 0.022
WACC = (0.456 / 13.79) * (100% - 0.8355) * (1 - 0.21) + 0.022 + 0.8355 = 2.61
Terminal Value = Discount (10.52 * (1 + 0.0872) / (2.61 - 0.0872)) = 164.63
Company Value = ∑ (10.52 / (1 + 2.61) ^ 5) = 41.33
Price = (Terminal Value + Company Value) / Count shares = (164.63 + 41.33) / 143990000 = 1430.39