OTC: KDDIY - KDDI 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 = 301.18
CAGR EPS = 1.78%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 16.2 + (16.2 * 1.78% / 100) = 16.48

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) = 1546.27
Ebitda Yield = -0.0095
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 = 10.22
Debt = 2432.37
Market Cap = 67.21
Weight Debt = Market Cap / (Market Cap + Debt) = 67.21 / (67.21 + 2432.37) = 0.0269
Weight Cost Debt = 100% - 0.0269 = 0.9731
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) = 2.89
β = -1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.37 * 5.94 + 0 = -0.0524
WACC = (10.22 / 2432.37) * (100% - 0.0269) * (1 - 0.21) + -0.0524 + 0.0269 = 0.3303
Terminal Value = Discount (1546.27 * (1 + -0.0095) / (0.3303 - -0.0095)) = 117522.45
Company Value = ∑ (1546.27 / (1 + 0.3303) ^ 5) = 7804.35
Price = (Terminal Value + Company Value) / Count shares = (117522.45 + 7804.35) / 2117900000 = 59175.03

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) = 1225.12
FCF Yield = 0.0506
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 = 10.22
Debt = 2432.37
Market Cap = 67.21
Weight Debt = Market Cap / (Market Cap + Debt) = 67.21 / (67.21 + 2432.37) = 0.0269
Weight Cost Debt = 100% - 0.0269 = 0.9731
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) = 2.89
β = -1.37
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.37 * 5.94 + 0 = -0.0524
WACC = (10.22 / 2432.37) * (100% - 0.0269) * (1 - 0.21) + -0.0524 + 0.0269 = 0.3303
Terminal Value = Discount (1225.12 * (1 + 0.0506) / (0.3303 - 0.0506)) = 26743.73
Company Value = ∑ (1225.12 / (1 + 0.3303) ^ 5) = 5506.34
Price = (Terminal Value + Company Value) / Count shares = (26743.73 + 5506.34) / 2117900000 = 15227.38