TSE: 4506 - Sumitomo Pharma Co., Ltd.

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 = -792.79
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 570.5 + (570.5 * 8.66% / 100) = 619.91

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) = 78.93
Ebitda Yield = -1.78
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 = 4.28
Debt = 418.88
Market Cap = 263.09
Weight Debt = Market Cap / (Market Cap + Debt) = 263.09 / (263.09 + 418.88) = 0.3858
Weight Cost Debt = 100% - 0.3858 = 0.6142
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 = -4.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -4.41 * 5.94 + 0 = -0.2318
WACC = (4.28 / 418.88) * (100% - 0.3858) * (1 - 0.21) + -0.2318 + 0.3858 = 0.7141
Terminal Value = Discount (78.93 * (1 + -1.78) / (0.7141 - -1.78)) = -33.14
Company Value = ∑ (78.93 / (1 + 0.7141) ^ 5) = 155.43
Price = (Terminal Value + Company Value) / Count shares = (-33.14 + 155.43) / 397290000 = 307.81

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) = 268.46
FCF Yield = -2.01
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 = 4.28
Debt = 418.88
Market Cap = 263.09
Weight Debt = Market Cap / (Market Cap + Debt) = 263.09 / (263.09 + 418.88) = 0.3858
Weight Cost Debt = 100% - 0.3858 = 0.6142
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 = -4.41
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -4.41 * 5.94 + 0 = -0.2318
WACC = (4.28 / 418.88) * (100% - 0.3858) * (1 - 0.21) + -0.2318 + 0.3858 = 0.7141
Terminal Value = Discount (268.46 * (1 + -2.01) / (0.7141 - -2.01)) = -129.61
Company Value = ∑ (268.46 / (1 + 0.7141) ^ 5) = 258.49
Price = (Terminal Value + Company Value) / Count shares = (-129.61 + 258.49) / 397290000 = 324.41