TSE: 4480 - Medley, 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 = 78.54
CAGR EPS = 48.75%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 78.54 * (1 + 48.75%) / (0.0433 * 2) = 1348.93

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) = 46.06
Ebitda Yield = 0.5924
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 = 0.011
Debt = 1.66
Market Cap = 155.53
Weight Debt = Market Cap / (Market Cap + Debt) = 155.53 / (155.53 + 1.66) = 0.9894
Weight Cost Debt = 100% - 0.9894 = 0.0106
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 = 4.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.19 * 5.94 + 0 = 0.2786
WACC = (0.011 / 1.66) * (100% - 0.9894) * (1 - 0.21) + 0.2786 + 0.9894 = 0.7943
Terminal Value = Discount (46.06 * (1 + 0.5924) / (0.7943 - 0.5924)) = 120.63
Company Value = ∑ (46.06 / (1 + 0.7943) ^ 5) = 108.38
Price = (Terminal Value + Company Value) / Count shares = (120.63 + 108.38) / 32669999 = 7009.85

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) = 23.64
FCF Yield = 0.4679
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 = 0.011
Debt = 1.66
Market Cap = 155.53
Weight Debt = Market Cap / (Market Cap + Debt) = 155.53 / (155.53 + 1.66) = 0.9894
Weight Cost Debt = 100% - 0.9894 = 0.0106
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 = 4.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.19 * 5.94 + 0 = 0.2786
WACC = (0.011 / 1.66) * (100% - 0.9894) * (1 - 0.21) + 0.2786 + 0.9894 = 0.7943
Terminal Value = Discount (23.64 * (1 + 0.4679) / (0.7943 - 0.4679)) = 72.51
Company Value = ∑ (23.64 / (1 + 0.7943) ^ 5) = 61.44
Price = (Terminal Value + Company Value) / Count shares = (72.51 + 61.44) / 32669999 = 4099.91