TSE: 4385 - Mercari, 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 = 79.01
CAGR EPS = 20.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 79.01 * (1 + 20.4%) / (0.0433 * 2) = 1098.45

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) = 52.39
Ebitda Yield = 0.2074
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 = 0.488
Debt = 193.31
Market Cap = 581.63
Weight Debt = Market Cap / (Market Cap + Debt) = 581.63 / (581.63 + 193.31) = 0.7506
Weight Cost Debt = 100% - 0.7506 = 0.2494
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 = -2.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.72 * 5.94 + 0 = -0.1317
WACC = (0.488 / 193.31) * (100% - 0.7506) * (1 - 0.21) + -0.1317 + 0.7506 = 0.0991
Terminal Value = Discount (52.39 * (1 + 0.2074) / (0.0991 - 0.2074)) = 304.97
Company Value = ∑ (52.39 / (1 + 0.0991) ^ 5) = 185.52
Price = (Terminal Value + Company Value) / Count shares = (304.97 + 185.52) / 170370000 = 2879.01

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) = 18.1
FCF Yield = -1.84
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 = 0.488
Debt = 193.31
Market Cap = 581.63
Weight Debt = Market Cap / (Market Cap + Debt) = 581.63 / (581.63 + 193.31) = 0.7506
Weight Cost Debt = 100% - 0.7506 = 0.2494
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 = -2.72
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.72 * 5.94 + 0 = -0.1317
WACC = (0.488 / 193.31) * (100% - 0.7506) * (1 - 0.21) + -0.1317 + 0.7506 = 0.0991
Terminal Value = Discount (18.1 * (1 + -1.84) / (0.0991 - -1.84)) = -8.21
Company Value = ∑ (18.1 / (1 + 0.0991) ^ 5) = 28.05
Price = (Terminal Value + Company Value) / Count shares = (-8.21 + 28.05) / 170370000 = 116.42