{"id":472,"date":"2010-11-29T10:58:32","date_gmt":"2010-11-29T09:58:32","guid":{"rendered":"http:\/\/www.inkomsten.se\/?p=472"},"modified":"2010-11-29T10:58:32","modified_gmt":"2010-11-29T09:58:32","slug":"fundamental-aktievardering-utifran-gordons-modell","status":"publish","type":"post","link":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/","title":{"rendered":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell"},"content":{"rendered":"

Basen i fundamental aktiev\u00e4rdering \u00e4r att en akties v\u00e4rde \u00e4r summan av alla framtida utdelningar fr\u00e5n ett f\u00f6retag. Alla olika v\u00e4rderingsmodeller grundar sig p\u00e5 en grundmodell, Gordons modell.<\/p>\n

Gordons formel anv\u00e4nds fr\u00e4mst f\u00f6r att ber\u00e4kna evighetsv\u00e4rdet i en DCF modell. I en DCF modell s\u00e5 kan man endast progonosticera kassafl\u00f6det med rimlig s\u00e4kerhet f\u00f6r kanske tre till fem \u00e5r fram\u00e5t i tiden. D\u00e4refter brukar man anv\u00e4nda sig av Gordon f\u00f6r att f\u00e5 fram ett v\u00e4rde p\u00e5 framtida kassafl\u00f6den i evigheten, evighetsv\u00e4rdet. Det \u00e4r egentligen en v\u00e4ldigt simpel v\u00e4rderingsmetod av f\u00f6r ett f\u00f6retag.<\/p>\n

Formeln ser ut enligt nedan:
\n\"gordons<\/p>\n

P= Evighetsv\u00e4rdet som adderas till DCF modellen, allts\u00e5 summan av de framtida kassafl\u00f6den in i evigheten.
\nD= Fritt kassafl\u00f6de f\u00f6r det f\u00f6rsta \u00e5ret som vi inte har en prognos. Allts\u00e5, vi vet\u00a0 1 tom 5 \u00e5rs prognoser p\u00e5 kassafl\u00f6det. \u00c5r 6 utg\u00e5r vi fr\u00e5n \u00e5r fems prognos och anv\u00e4nder allts\u00e5 samma v\u00e4rde.
\nk = Kapitalkostnad, enligt WACC ber\u00e4kning<\/a>
\ng = Tillv\u00e4xttal, oftast samma som BNP tillv\u00e4xten i tex. Sverige. Ett rimligt tal \u00e4r mellan 2,5 och 3%
\nEtt exempel<\/p>\n

Ett f\u00f6retag prognostiserar ett fritt kassafl\u00f6de p\u00e5 100. BNP tillv\u00e4xten \u00e4r ber\u00e4knat till 3% och WACC, den v\u00e4gda kapitalkostnaden \u00e4r ber\u00e4knad till 13%. F\u00f6retagets v\u00e4rde \u00e4r d\u00e5 1000. Detta genom: V\u00e4rdet = ((100\/(0,13-0,03)) = 1000.<\/p>\n

Alternativa till\u00e4mpningar av Gordons modell \u00e4r att ber\u00e4kna\u00a0 en riktkurs utifr\u00e5n aktieutdelningen avkastningskrav och vinsttillv\u00e4xt.<\/p>\n

Avkastningsv\u00e4rde=utdelning per aktie\/ (avkastningskrav-vinsttillv\u00e4xt)<\/p>\n

Man kan ocks\u00e5 r\u00e4kna p\u00e5 vinst per aktie. En vinstbaserad modell \u00e4r allts\u00e5 samma som en utdelningsbaserad, men d\u00e4r hela vinsten antas dela ut till \u00e4garna.<\/p>\n

Avkastningsv\u00e4rde= vinst per aktie \/ (avkastningskrav-vinsttillv\u00e4xt)<\/p>\n

Genom att anv\u00e4nda de h\u00e4r modellerna kan man f\u00e5 fram en riktkurs f\u00f6r aktien.<\/p>\n","protected":false},"excerpt":{"rendered":"

Basen i fundamental aktiev\u00e4rdering \u00e4r att en akties v\u00e4rde \u00e4r summan av alla framtida utdelningar fr\u00e5n ett f\u00f6retag. Alla olika v\u00e4rderingsmodeller grundar sig p\u00e5 en grundmodell, Gordons modell. Gordons formel anv\u00e4nds fr\u00e4mst f\u00f6r att ber\u00e4kna evighetsv\u00e4rdet i en DCF modell. I en DCF modell s\u00e5 kan man endast progonosticera kassafl\u00f6det med rimlig s\u00e4kerhet f\u00f6r kanske … Forts\u00e4tt l\u00e4sa Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[16],"tags":[],"class_list":["post-472","post","type-post","status-publish","format-standard","hentry","category-investeringar"],"yoast_head":"\nFundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\" \/>\n<meta property=\"og:locale\" content=\"sv_SE\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips\" \/>\n<meta property=\"og:description\" content=\"Basen i fundamental aktiev\u00e4rdering \u00e4r att en akties v\u00e4rde \u00e4r summan av alla framtida utdelningar fr\u00e5n ett f\u00f6retag. Alla olika v\u00e4rderingsmodeller grundar sig p\u00e5 en grundmodell, Gordons modell. Gordons formel anv\u00e4nds fr\u00e4mst f\u00f6r att ber\u00e4kna evighetsv\u00e4rdet i en DCF modell. I en DCF modell s\u00e5 kan man endast progonosticera kassafl\u00f6det med rimlig s\u00e4kerhet f\u00f6r kanske … Forts\u00e4tt l\u00e4sa Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell\" \/>\n<meta property=\"og:url\" content=\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\" \/>\n<meta property=\"og:site_name\" content=\"ekonomitips\" \/>\n<meta property=\"article:published_time\" content=\"2010-11-29T09:58:32+00:00\" \/>\n<meta property=\"og:image\" content=\"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png\" \/>\n<meta name=\"author\" content=\"inkomst\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Skriven av\" \/>\n\t<meta name=\"twitter:data1\" content=\"inkomst\" \/>\n\t<meta name=\"twitter:label2\" content=\"Ber\u00e4knad l\u00e4stid\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minuter\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\"},\"author\":{\"name\":\"inkomst\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7\"},\"headline\":\"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell\",\"datePublished\":\"2010-11-29T09:58:32+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\"},\"wordCount\":328,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png\",\"articleSection\":[\"investeringar\"],\"inLanguage\":\"sv-SE\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\",\"url\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\",\"name\":\"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips\",\"isPartOf\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage\"},\"thumbnailUrl\":\"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png\",\"datePublished\":\"2010-11-29T09:58:32+00:00\",\"author\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7\"},\"breadcrumb\":{\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#breadcrumb\"},\"inLanguage\":\"sv-SE\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"sv-SE\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage\",\"url\":\"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png\",\"contentUrl\":\"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Hem\",\"item\":\"https:\/\/sitetips.nu\/ekonomitips\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#website\",\"url\":\"https:\/\/sitetips.nu\/ekonomitips\/\",\"name\":\"ekonomitips\",\"description\":\"Ekonomitips\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/sitetips.nu\/ekonomitips\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"sv-SE\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7\",\"name\":\"inkomst\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"sv-SE\",\"@id\":\"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/c7726a5b347fca46ca6eb7c1bb0478fcf703f9770c964a7a96fa2ed2a5bfd926?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/c7726a5b347fca46ca6eb7c1bb0478fcf703f9770c964a7a96fa2ed2a5bfd926?s=96&d=mm&r=g\",\"caption\":\"inkomst\"},\"url\":\"https:\/\/sitetips.nu\/ekonomitips\/author\/inkomst\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/","og_locale":"sv_SE","og_type":"article","og_title":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips","og_description":"Basen i fundamental aktiev\u00e4rdering \u00e4r att en akties v\u00e4rde \u00e4r summan av alla framtida utdelningar fr\u00e5n ett f\u00f6retag. Alla olika v\u00e4rderingsmodeller grundar sig p\u00e5 en grundmodell, Gordons modell. Gordons formel anv\u00e4nds fr\u00e4mst f\u00f6r att ber\u00e4kna evighetsv\u00e4rdet i en DCF modell. I en DCF modell s\u00e5 kan man endast progonosticera kassafl\u00f6det med rimlig s\u00e4kerhet f\u00f6r kanske … Forts\u00e4tt l\u00e4sa Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell","og_url":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/","og_site_name":"ekonomitips","article_published_time":"2010-11-29T09:58:32+00:00","og_image":[{"url":"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png","type":"","width":"","height":""}],"author":"inkomst","twitter_card":"summary_large_image","twitter_misc":{"Skriven av":"inkomst","Ber\u00e4knad l\u00e4stid":"2 minuter"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#article","isPartOf":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/"},"author":{"name":"inkomst","@id":"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7"},"headline":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell","datePublished":"2010-11-29T09:58:32+00:00","mainEntityOfPage":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/"},"wordCount":328,"commentCount":0,"image":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage"},"thumbnailUrl":"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png","articleSection":["investeringar"],"inLanguage":"sv-SE","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/","url":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/","name":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell - ekonomitips","isPartOf":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/#website"},"primaryImageOfPage":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage"},"image":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage"},"thumbnailUrl":"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png","datePublished":"2010-11-29T09:58:32+00:00","author":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7"},"breadcrumb":{"@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#breadcrumb"},"inLanguage":"sv-SE","potentialAction":[{"@type":"ReadAction","target":["https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/"]}]},{"@type":"ImageObject","inLanguage":"sv-SE","@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#primaryimage","url":"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png","contentUrl":"http:\/\/www.foretagsvardering.org\/wp-content\/uploads\/2010\/10\/gordons-formel.png"},{"@type":"BreadcrumbList","@id":"https:\/\/sitetips.nu\/ekonomitips\/fundamental-aktievardering-utifran-gordons-modell\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Hem","item":"https:\/\/sitetips.nu\/ekonomitips\/"},{"@type":"ListItem","position":2,"name":"Fundamental aktiev\u00e4rdering utifr\u00e5n Gordons modell"}]},{"@type":"WebSite","@id":"https:\/\/sitetips.nu\/ekonomitips\/#website","url":"https:\/\/sitetips.nu\/ekonomitips\/","name":"ekonomitips","description":"Ekonomitips","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/sitetips.nu\/ekonomitips\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"sv-SE"},{"@type":"Person","@id":"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/35490960766e742086a5eea54a4f38b7","name":"inkomst","image":{"@type":"ImageObject","inLanguage":"sv-SE","@id":"https:\/\/sitetips.nu\/ekonomitips\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/c7726a5b347fca46ca6eb7c1bb0478fcf703f9770c964a7a96fa2ed2a5bfd926?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/c7726a5b347fca46ca6eb7c1bb0478fcf703f9770c964a7a96fa2ed2a5bfd926?s=96&d=mm&r=g","caption":"inkomst"},"url":"https:\/\/sitetips.nu\/ekonomitips\/author\/inkomst\/"}]}},"publishpress_future_action":{"enabled":false,"date":"2026-05-10 23:41:33","action":"change-status","newStatus":"draft","terms":[],"taxonomy":"category","extraData":[]},"publishpress_future_workflow_manual_trigger":{"enabledWorkflows":[]},"_links":{"self":[{"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/posts\/472","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/comments?post=472"}],"version-history":[{"count":0,"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/posts\/472\/revisions"}],"wp:attachment":[{"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/media?parent=472"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/categories?post=472"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sitetips.nu\/ekonomitips\/wp-json\/wp\/v2\/tags?post=472"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}