OTC: CJPRY - Central Japan Railway Company

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 = 390.66
CAGR EPS = 191.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.58 + (11.58 * 191.12% / 100) = 33.7

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) = 820.74
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 = 79.09
Debt = 4365.23
Market Cap = 24.28
Weight Debt = Market Cap / (Market Cap + Debt) = 24.28 / (24.28 + 4365.23) = 0.0055
Weight Cost Debt = 100% - 0.0055 = 0.9945
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 = -0.1455
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1455 * 5.94 + 0 = 0.0196
WACC = (79.09 / 4365.23) * (100% - 0.0055) * (1 - 0.21) + 0.0196 + 0.0055 = 1.43
Terminal Value = Discount (820.74 * (1 + -0.0048) / (1.43 - -0.0048)) = 39749.99
Company Value = ∑ (820.74 / (1 + 1.43) ^ 5) = 3972.06
Price = (Terminal Value + Company Value) / Count shares = (39749.99 + 3972.06) / 984000000 = 44432.98

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) = 442.64
FCF Yield = 0.1045
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 = 79.09
Debt = 4365.23
Market Cap = 24.28
Weight Debt = Market Cap / (Market Cap + Debt) = 24.28 / (24.28 + 4365.23) = 0.0055
Weight Cost Debt = 100% - 0.0055 = 0.9945
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 = -0.1455
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1455 * 5.94 + 0 = 0.0196
WACC = (79.09 / 4365.23) * (100% - 0.0055) * (1 - 0.21) + 0.0196 + 0.0055 = 1.43
Terminal Value = Discount (442.64 * (1 + 0.1045) / (1.43 - 0.1045)) = 5049.61
Company Value = ∑ (442.64 / (1 + 1.43) ^ 5) = 1751.16
Price = (Terminal Value + Company Value) / Count shares = (5049.61 + 1751.16) / 984000000 = 6911.35