TSE: 4194 - Visional, Inc.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 39441.58
CAGR EPS = 199.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8228.5 + (8228.5 * 199.72% / 100) = 24662.78

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) = 1447186.25
Ebitda Yield = 2.43
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 = 0.001
Debt = 6.91
Market Cap = 298.44
Weight Debt = Market Cap / (Market Cap + Debt) = 298.44 / (298.44 + 6.91) = 0.9774
Weight Cost Debt = 100% - 0.9774 = 0.0226
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 = 0.8533
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.8533 * 5.94 + 0 = 0.0807
WACC = (0.001 / 6.91) * (100% - 0.9774) * (1 - 0.21) + 0.0807 + 0.9774 = 0.0902
Terminal Value = Discount (1447186.25 * (1 + 2.43) / (0.0902 - 2.43)) = 2033121.14
Company Value = ∑ (1447186.25 / (1 + 0.0902) ^ 5) = 2028849.66
Price = (Terminal Value + Company Value) / Count shares = (2033121.14 + 2028849.66) / 49460000 = 82126381.02

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) = 4174318.45
FCF Yield = 3.37
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 = 0.001
Debt = 6.91
Market Cap = 298.44
Weight Debt = Market Cap / (Market Cap + Debt) = 298.44 / (298.44 + 6.91) = 0.9774
Weight Cost Debt = 100% - 0.9774 = 0.0226
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 = 0.8533
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.8533 * 5.94 + 0 = 0.0807
WACC = (0.001 / 6.91) * (100% - 0.9774) * (1 - 0.21) + 0.0807 + 0.9774 = 0.0902
Terminal Value = Discount (4174318.45 * (1 + 3.37) / (0.0902 - 3.37)) = 5390080.13
Company Value = ∑ (4174318.45 / (1 + 0.0902) ^ 5) = 5386682.84
Price = (Terminal Value + Company Value) / Count shares = (5390080.13 + 5386682.84) / 49460000 = 217888454.84