OTC: TOPPY - Toppan Inc.

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 = 231.57
CAGR EPS = 189.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.29 + (14.29 * 189.41% / 100) = 41.34

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) = 345.99
Ebitda Yield = 0.0967
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 = 5.23
Debt = 208.46
Market Cap = 6.94
Weight Debt = Market Cap / (Market Cap + Debt) = 6.94 / (6.94 + 208.46) = 0.0322
Weight Cost Debt = 100% - 0.0322 = 0.9678
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 = 0.1156
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1156 * 5.94 + 0 = 0.0351
WACC = (5.23 / 208.46) * (100% - 0.0322) * (1 - 0.21) + 0.0351 + 0.0322 = 1.98
Terminal Value = Discount (345.99 * (1 + 0.0967) / (1.98 - 0.0967)) = 4476.32
Company Value = ∑ (345.99 / (1 + 1.98) ^ 5) = 1363.35
Price = (Terminal Value + Company Value) / Count shares = (4476.32 + 1363.35) / 321260000 = 18177.41

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) = 215.83
FCF Yield = 0.3116
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 = 5.23
Debt = 208.46
Market Cap = 6.94
Weight Debt = Market Cap / (Market Cap + Debt) = 6.94 / (6.94 + 208.46) = 0.0322
Weight Cost Debt = 100% - 0.0322 = 0.9678
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 = 0.1156
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1156 * 5.94 + 0 = 0.0351
WACC = (5.23 / 208.46) * (100% - 0.0322) * (1 - 0.21) + 0.0351 + 0.0322 = 1.98
Terminal Value = Discount (215.83 * (1 + 0.3116) / (1.98 - 0.3116)) = 879.44
Company Value = ∑ (215.83 / (1 + 1.98) ^ 5) = 629.54
Price = (Terminal Value + Company Value) / Count shares = (879.44 + 629.54) / 321260000 = 4697.07