TSE: 3446 - JTEC Corporation

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 = 33.96
CAGR EPS = 64.85%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 33.96 * (1 + 64.85%) / (0.0458 * 2) = 611.2

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) = 1.19
Ebitda Yield = 0.2222
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 = 0.0033
Debt = 0.522
Market Cap = 13.51
Weight Debt = Market Cap / (Market Cap + Debt) = 13.51 / (13.51 + 0.522) = 0.9628
Weight Cost Debt = 100% - 0.9628 = 0.0372
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 = -1.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.36 * 5.94 + 0 = -0.0535
WACC = (0.0033 / 0.522) * (100% - 0.9628) * (1 - 0.21) + -0.0535 + 0.9628 = 0.4404
Terminal Value = Discount (1.19 * (1 + 0.2222) / (0.4404 - 0.2222)) = 6.51
Company Value = ∑ (1.19 / (1 + 0.4404) ^ 5) = 4.07
Price = (Terminal Value + Company Value) / Count shares = (6.51 + 4.07) / 5870000 = 1803.09

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) = -0.0385
FCF Yield = -0.1355
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 = 0.0033
Debt = 0.522
Market Cap = 13.51
Weight Debt = Market Cap / (Market Cap + Debt) = 13.51 / (13.51 + 0.522) = 0.9628
Weight Cost Debt = 100% - 0.9628 = 0.0372
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 = -1.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.36 * 5.94 + 0 = -0.0535
WACC = (0.0033 / 0.522) * (100% - 0.9628) * (1 - 0.21) + -0.0535 + 0.9628 = 0.4404
Terminal Value = Discount (-0.0385 * (1 + -0.1355) / (0.4404 - -0.1355)) = -0.2326
Company Value = ∑ (-0.0385 / (1 + 0.4404) ^ 5) = -0.2598
Price = (Terminal Value + Company Value) / Count shares = (-0.2326 + -0.2598) / 5870000 = -83.88