TSE: 2884 - Yoshimura Food Holdings K.K.

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 = 43.16
CAGR EPS = 25.56%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 43.16 * (1 + 25.56%) / (0.0458 * 2) = 591.65

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) = 9.34
Ebitda Yield = 0.1779
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 = 0.2137
Debt = 31.66
Market Cap = 21.25
Weight Debt = Market Cap / (Market Cap + Debt) = 21.25 / (21.25 + 31.66) = 0.4016
Weight Cost Debt = 100% - 0.4016 = 0.5984
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) = 2.6
β = -0.7954
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.7954 * 5.94 + 0 = -0.0212
WACC = (0.2137 / 31.66) * (100% - 0.4016) * (1 - 0.21) + -0.0212 + 0.4016 = 0.5225
Terminal Value = Discount (9.34 * (1 + 0.1779) / (0.5225 - 0.1779)) = 62.09
Company Value = ∑ (9.34 / (1 + 0.5225) ^ 5) = 33.98
Price = (Terminal Value + Company Value) / Count shares = (62.09 + 33.98) / 23950000 = 4011.34

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 259.5
FCF Yield = 1.2
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 = 0.2137
Debt = 31.66
Market Cap = 21.25
Weight Debt = Market Cap / (Market Cap + Debt) = 21.25 / (21.25 + 31.66) = 0.4016
Weight Cost Debt = 100% - 0.4016 = 0.5984
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) = 2.6
β = -0.7954
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.7954 * 5.94 + 0 = -0.0212
WACC = (0.2137 / 31.66) * (100% - 0.4016) * (1 - 0.21) + -0.0212 + 0.4016 = 0.5225
Terminal Value = Discount (259.5 * (1 + 1.2) / (0.5225 - 1.2)) = 465.72
Company Value = ∑ (259.5 / (1 + 0.5225) ^ 5) = 456.42
Price = (Terminal Value + Company Value) / Count shares = (465.72 + 456.42) / 23950000 = 38502.63