OTC: CFPZF - Canfor Corporation

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 = -3.95
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.98 + (11.98 * 8.66% / 100) = 13.01

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) = 0.0048
Ebitda Yield = -1.43
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 = 0.0465
Debt = 0.4914
Market Cap = 1.76
Weight Debt = Market Cap / (Market Cap + Debt) = 1.76 / (1.76 + 0.4914) = 0.7817
Weight Cost Debt = 100% - 0.7817 = 0.2183
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 = 0.8936
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8936 * 5.94 + 0 = 0.0813
WACC = (0.0465 / 0.4914) * (100% - 0.7817) * (1 - 0.21) + 0.0813 + 0.7817 = 7.48
Terminal Value = Discount (0.0048 * (1 + -1.43) / (7.48 - -1.43)) = -0.000957
Company Value = ∑ (0.0048 / (1 + 7.48) ^ 5) = 0.0978
Price = (Terminal Value + Company Value) / Count shares = (-0.000957 + 0.0978) / 118410000 = 0.8179

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) = 0.0033
FCF Yield = -1.42
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 = 0.0465
Debt = 0.4914
Market Cap = 1.76
Weight Debt = Market Cap / (Market Cap + Debt) = 1.76 / (1.76 + 0.4914) = 0.7817
Weight Cost Debt = 100% - 0.7817 = 0.2183
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 = 0.8936
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.8936 * 5.94 + 0 = 0.0813
WACC = (0.0465 / 0.4914) * (100% - 0.7817) * (1 - 0.21) + 0.0813 + 0.7817 = 7.48
Terminal Value = Discount (0.0033 * (1 + -1.42) / (7.48 - -1.42)) = -0.000643
Company Value = ∑ (0.0033 / (1 + 7.48) ^ 5) = 0.0701
Price = (Terminal Value + Company Value) / Count shares = (-0.000643 + 0.0701) / 118410000 = 0.5863