TSE: 4488 - AI inside 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 = 136.04
CAGR EPS = 1.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 136.04 * (1 + 1.52%) / (0.0433 * 2) = 1594.75

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) = 2.02
Ebitda Yield = 0.1455
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 = 0.0101
Debt = 1.61
Market Cap = 25.97
Weight Debt = Market Cap / (Market Cap + Debt) = 25.97 / (25.97 + 1.61) = 0.9415
Weight Cost Debt = 100% - 0.9415 = 0.0585
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 = 1.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.57 * 5.94 + 0 = 0.1235
WACC = (0.0101 / 1.61) * (100% - 0.9415) * (1 - 0.21) + 0.1235 + 0.9415 = 0.6047
Terminal Value = Discount (2.02 * (1 + 0.1455) / (0.6047 - 0.1455)) = 16.07
Company Value = ∑ (2.02 / (1 + 0.6047) ^ 5) = 7.68
Price = (Terminal Value + Company Value) / Count shares = (16.07 + 7.68) / 3940000 = 6028.01

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) = 0.9701
FCF Yield = 0.0605
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 = 0.0101
Debt = 1.61
Market Cap = 25.97
Weight Debt = Market Cap / (Market Cap + Debt) = 25.97 / (25.97 + 1.61) = 0.9415
Weight Cost Debt = 100% - 0.9415 = 0.0585
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 = 1.57
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.57 * 5.94 + 0 = 0.1235
WACC = (0.0101 / 1.61) * (100% - 0.9415) * (1 - 0.21) + 0.1235 + 0.9415 = 0.6047
Terminal Value = Discount (0.9701 * (1 + 0.0605) / (0.6047 - 0.0605)) = 18.34
Company Value = ∑ (0.9701 / (1 + 0.6047) ^ 5) = 4.25
Price = (Terminal Value + Company Value) / Count shares = (18.34 + 4.25) / 3940000 = 5732.5