OTC: NRSDY - Nordic Semiconductor ASA

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.0396
CAGR EPS = -0.2182%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0396 * (1 + -0.2182%) / (0.0433 * 2) = 0.4559

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) = 0.0914
Ebitda Yield = 0.0924
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 = 0.0037
Debt = 0.1074
Market Cap = 2.37
Weight Debt = Market Cap / (Market Cap + Debt) = 2.37 / (2.37 + 0.1074) = 0.9567
Weight Cost Debt = 100% - 0.9567 = 0.0433
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) = 3
β = -2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.36 * 5.94 + 0 = -0.11
WACC = (0.0037 / 0.1074) * (100% - 0.9567) * (1 - 0.21) + -0.11 + 0.9567 = 2.58
Terminal Value = Discount (0.0914 * (1 + 0.0924) / (2.58 - 0.0924)) = 1.32
Company Value = ∑ (0.0914 / (1 + 2.58) ^ 5) = 0.356
Price = (Terminal Value + Company Value) / Count shares = (1.32 + 0.356) / 193350000 = 8.67

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) = -1.52
FCF Yield = 0.555
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 = 0.0037
Debt = 0.1074
Market Cap = 2.37
Weight Debt = Market Cap / (Market Cap + Debt) = 2.37 / (2.37 + 0.1074) = 0.9567
Weight Cost Debt = 100% - 0.9567 = 0.0433
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) = 3
β = -2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.36 * 5.94 + 0 = -0.11
WACC = (0.0037 / 0.1074) * (100% - 0.9567) * (1 - 0.21) + -0.11 + 0.9567 = 2.58
Terminal Value = Discount (-1.52 * (1 + 0.555) / (2.58 - 0.555)) = -3.93
Company Value = ∑ (-1.52 / (1 + 2.58) ^ 5) = -3.44
Price = (Terminal Value + Company Value) / Count shares = (-3.93 + -3.44) / 193350000 = -38.16