Valuation models > Equity valuation > Fundamental (10yr)

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Use this calculator to estimate the intrinsic value of shares.
Value the equity in the firm's operating assets, then adjust to get per share value. This model assumes net income after tax (NIAT) will grow at the fundamental rate for five years before declining to the stable growth rate. The fundamental growth rate is defined as the Reinvestment rate x ROE. Enter inputs below and click the Calculate button.
Make sure your units are consistent (millions, billions, etc.) |

Inputs | Value |
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Invested equity, operating assets | |

Cash, equivalents and short-term investments | |

Investments and other non-operating assets | |

Non-controllling interests | |

Employee options, total value | |

Number of shares outstanding |

Assumptions | Value |
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Return on equity (ROE), % | |

Reinvestment rate, % | |

Cost of equity (COE), % | |

Stable growth rate, % | |

Stable ROE, % |

Calculations | Value |
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Net income after tax (NIAT) | |

Free cash flow to equity (FCFE) | |

Payout ratio, equity, % | |

Fundamental growth rate of NIAT, % | |

Stable ROE, % | |

Stable payout ratio, equity, % |

Year | Growth | NIAT | Payout ratio | FCFE | Discount factor | Present value |
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TTM | - | - | - | |||

1 | ||||||

2 | ||||||

3 | ||||||

4 | ||||||

5 | ||||||

6 | ||||||

7 | ||||||

8 | ||||||

9 | ||||||

10 | ||||||

Stable | - |

Value of operating assets | |

(+) Cash and equivalents | |

(+) Investments | |

(-) Employee options | |

(-) Non-controlling interests | |

(=) Value of shareholders' equity | |

(รท) Number of shares | |

(=) Value per share |