TSE: 3922 - PR TIMES, 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 = 85.67
CAGR EPS = 28.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 85.67 * (1 + 28.85%) / (0.0433 * 2) = 1274.76

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) = 4.34
Ebitda Yield = 0.1854
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 = 0.000554
Debt = 0.0028
Market Cap = 18.9
Weight Debt = Market Cap / (Market Cap + Debt) = 18.9 / (18.9 + 0.0028) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = 0.1851
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1851 * 5.94 + 0 = 0.0385
WACC = (0.000554 / 0.0028) * (100% - 0.9998) * (1 - 0.21) + 0.0385 + 0.9998 = 15.32
Terminal Value = Discount (4.34 * (1 + 0.1854) / (15.32 - 0.1854)) = 78.28
Company Value = ∑ (4.34 / (1 + 15.32) ^ 5) = 10.09
Price = (Terminal Value + Company Value) / Count shares = (78.28 + 10.09) / 13610000 = 6492.51

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) = 3.13
FCF Yield = 0.1836
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 = 0.000554
Debt = 0.0028
Market Cap = 18.9
Weight Debt = Market Cap / (Market Cap + Debt) = 18.9 / (18.9 + 0.0028) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = 0.1851
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.1851 * 5.94 + 0 = 0.0385
WACC = (0.000554 / 0.0028) * (100% - 0.9998) * (1 - 0.21) + 0.0385 + 0.9998 = 15.32
Terminal Value = Discount (3.13 * (1 + 0.1836) / (15.32 - 0.1836)) = 59.73
Company Value = ∑ (3.13 / (1 + 15.32) ^ 5) = 7.28
Price = (Terminal Value + Company Value) / Count shares = (59.73 + 7.28) / 13610000 = 4923.57