TSE: 4423 - ARTERIA Networks 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 = 117.75
CAGR EPS = 4.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 117.75 * (1 + 4.87%) / (0.0433 * 2) = 1425.87

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) = 24.17
Ebitda Yield = 0.0483
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 = 0.629
Debt = 52.85
Market Cap = 98.83
Weight Debt = Market Cap / (Market Cap + Debt) = 98.83 / (98.83 + 52.85) = 0.6516
Weight Cost Debt = 100% - 0.6516 = 0.3484
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 = 16.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 16.85 * 5.94 + 0 = 1.03
WACC = (0.629 / 52.85) * (100% - 0.6516) * (1 - 0.21) + 1.03 + 0.6516 = 1.61
Terminal Value = Discount (24.17 * (1 + 0.0483) / (1.61 - 0.0483)) = 725.51
Company Value = ∑ (24.17 / (1 + 1.61) ^ 5) = 104.94
Price = (Terminal Value + Company Value) / Count shares = (725.51 + 104.94) / 49920000 = 16635.56

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) = 2.71
FCF Yield = -0.0584
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 = 0.629
Debt = 52.85
Market Cap = 98.83
Weight Debt = Market Cap / (Market Cap + Debt) = 98.83 / (98.83 + 52.85) = 0.6516
Weight Cost Debt = 100% - 0.6516 = 0.3484
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 = 16.85
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 16.85 * 5.94 + 0 = 1.03
WACC = (0.629 / 52.85) * (100% - 0.6516) * (1 - 0.21) + 1.03 + 0.6516 = 1.61
Terminal Value = Discount (2.71 * (1 + -0.0584) / (1.61 - -0.0584)) = 31.68
Company Value = ∑ (2.71 / (1 + 1.61) ^ 5) = 14.68
Price = (Terminal Value + Company Value) / Count shares = (31.68 + 14.68) / 49920000 = 928.58