TSE: 6191 - AirTrip Corp.

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 = 89.62
CAGR EPS = 17.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1237 + (1237 * 17.04% / 100) = 1447.79

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) = 6.34
Ebitda Yield = 0.1546
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 = 0.521
Debt = 4.32
Market Cap = 64.7
Weight Debt = Market Cap / (Market Cap + Debt) = 64.7 / (64.7 + 4.32) = 0.9374
Weight Cost Debt = 100% - 0.9374 = 0.0626
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 = 1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.95 * 5.94 + 0 = 0.144
WACC = (0.521 / 4.32) * (100% - 0.9374) * (1 - 0.21) + 0.144 + 0.9374 = 9.57
Terminal Value = Discount (6.34 * (1 + 0.1546) / (9.57 - 0.1546)) = 78.71
Company Value = ∑ (6.34 / (1 + 9.57) ^ 5) = 18.13
Price = (Terminal Value + Company Value) / Count shares = (78.71 + 18.13) / 22460000 = 4311.99

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) = 2.99
FCF Yield = 0.1902
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 = 0.521
Debt = 4.32
Market Cap = 64.7
Weight Debt = Market Cap / (Market Cap + Debt) = 64.7 / (64.7 + 4.32) = 0.9374
Weight Cost Debt = 100% - 0.9374 = 0.0626
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 = 1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.95 * 5.94 + 0 = 0.144
WACC = (0.521 / 4.32) * (100% - 0.9374) * (1 - 0.21) + 0.144 + 0.9374 = 9.57
Terminal Value = Discount (2.99 * (1 + 0.1902) / (9.57 - 0.1902)) = 23.8
Company Value = ∑ (2.99 / (1 + 9.57) ^ 5) = 8.07
Price = (Terminal Value + Company Value) / Count shares = (23.8 + 8.07) / 22460000 = 1418.76