TSE: 3295 - Hulic Reit, Inc.

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 = 6910.8
CAGR EPS = -0.2645%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6910.8 * (1 + -0.2645%) / (0.0433 * 2) = 79590.23

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) = 16.66
Ebitda Yield = 0.0328
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 = 1.1
Debt = 180.12
Market Cap = 237.02
Weight Debt = Market Cap / (Market Cap + Debt) = 237.02 / (237.02 + 180.12) = 0.5682
Weight Cost Debt = 100% - 0.5682 = 0.4318
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 = -1.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.16 * 5.94 + 0 = -0.0389
WACC = (1.1 / 180.12) * (100% - 0.5682) * (1 - 0.21) + -0.0389 + 0.5682 = 0.4561
Terminal Value = Discount (16.66 * (1 + 0.0328) / (0.4561 - 0.0328)) = 595.97
Company Value = ∑ (16.66 / (1 + 0.4561) ^ 5) = 77.1
Price = (Terminal Value + Company Value) / Count shares = (595.97 + 77.1) / 1440000 = 467409.79

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) = -0.1123
FCF Yield = -0.382
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 = 1.1
Debt = 180.12
Market Cap = 237.02
Weight Debt = Market Cap / (Market Cap + Debt) = 237.02 / (237.02 + 180.12) = 0.5682
Weight Cost Debt = 100% - 0.5682 = 0.4318
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 = -1.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.16 * 5.94 + 0 = -0.0389
WACC = (1.1 / 180.12) * (100% - 0.5682) * (1 - 0.21) + -0.0389 + 0.5682 = 0.4561
Terminal Value = Discount (-0.1123 * (1 + -0.382) / (0.4561 - -0.382)) = -0.1755
Company Value = ∑ (-0.1123 / (1 + 0.4561) ^ 5) = -1.82
Price = (Terminal Value + Company Value) / Count shares = (-0.1755 + -1.82) / 1440000 = -1382.91