OTC: TPLKF - PVA TePla AG

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 = 1.12
CAGR EPS = 28.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 16.72 + (16.72 * 28.56% / 100) = 21.49

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) = 0.0872
Ebitda Yield = 0.1565
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 = 0.000473
Debt = 0.0167
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0167) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = -1.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.89 * 5.94 + 0 = -0.0848
WACC = (0.000473 / 0.0167) * (100% - 0) * (1 - 0.21) + -0.0848 + 0 = 2.23
Terminal Value = Discount (0.0872 * (1 + 0.1565) / (2.23 - 0.1565)) = 0.6729
Company Value = ∑ (0.0872 / (1 + 2.23) ^ 5) = 0.3097
Price = (Terminal Value + Company Value) / Count shares = (0.6729 + 0.3097) / 21750000 = 45.18

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) = -0.0219
FCF Yield = 0.1872
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 = 0.000473
Debt = 0.0167
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0167) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.75
β = -1.89
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.89 * 5.94 + 0 = -0.0848
WACC = (0.000473 / 0.0167) * (100% - 0) * (1 - 0.21) + -0.0848 + 0 = 2.23
Terminal Value = Discount (-0.0219 * (1 + 0.1872) / (2.23 - 0.1872)) = -0.1409
Company Value = ∑ (-0.0219 / (1 + 2.23) ^ 5) = -0.0742
Price = (Terminal Value + Company Value) / Count shares = (-0.1409 + -0.0742) / 21750000 = -9.89