TSE: 3993 - PKSHA Technology 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 = 67.61
CAGR EPS = 4.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 67.61 * (1 + 4.14%) / (0.0433 * 2) = 813.06

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) = 17.24
Ebitda Yield = 0.2768
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 = 0.0388
Debt = 4.72
Market Cap = 99.43
Weight Debt = Market Cap / (Market Cap + Debt) = 99.43 / (99.43 + 4.72) = 0.9547
Weight Cost Debt = 100% - 0.9547 = 0.0453
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) = 2.89
β = 2.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.27 * 5.94 + 0 = 0.1638
WACC = (0.0388 / 4.72) * (100% - 0.9547) * (1 - 0.21) + 0.1638 + 0.9547 = 0.7995
Terminal Value = Discount (17.24 * (1 + 0.2768) / (0.7995 - 0.2768)) = 78.68
Company Value = ∑ (17.24 / (1 + 0.7995) ^ 5) = 54.55
Price = (Terminal Value + Company Value) / Count shares = (78.68 + 54.55) / 31060000 = 4289.32

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) = 18.44
FCF Yield = 0.5313
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 = 0.0388
Debt = 4.72
Market Cap = 99.43
Weight Debt = Market Cap / (Market Cap + Debt) = 99.43 / (99.43 + 4.72) = 0.9547
Weight Cost Debt = 100% - 0.9547 = 0.0453
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) = 2.89
β = 2.27
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.27 * 5.94 + 0 = 0.1638
WACC = (0.0388 / 4.72) * (100% - 0.9547) * (1 - 0.21) + 0.1638 + 0.9547 = 0.7995
Terminal Value = Discount (18.44 * (1 + 0.5313) / (0.7995 - 0.5313)) = 51.85
Company Value = ∑ (18.44 / (1 + 0.7995) ^ 5) = 45.44
Price = (Terminal Value + Company Value) / Count shares = (51.85 + 45.44) / 31060000 = 3132.44