TSE: 4565 - Sosei Group Corporation

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 = -87.17
CAGR EPS = 2.14%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1349 + (1349 * 2.14% / 100) = 1377.92

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) = 1.77
Ebitda Yield = -1.77
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 = 2.5
Debt = 69.99
Market Cap = 146.97
Weight Debt = Market Cap / (Market Cap + Debt) = 146.97 / (146.97 + 69.99) = 0.6774
Weight Cost Debt = 100% - 0.6774 = 0.3226
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) = 2.75
β = -1.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.74 * 5.94 + 0 = -0.0761
WACC = (2.5 / 69.99) * (100% - 0.6774) * (1 - 0.21) + -0.0761 + 0.6774 = 2.75
Terminal Value = Discount (1.77 * (1 + -1.77) / (2.75 - -1.77)) = -0.6634
Company Value = ∑ (1.77 / (1 + 2.75) ^ 5) = 3.48
Price = (Terminal Value + Company Value) / Count shares = (-0.6634 + 3.48) / 82520000 = 34.15

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) = 1.13
FCF Yield = -1.71
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 = 2.5
Debt = 69.99
Market Cap = 146.97
Weight Debt = Market Cap / (Market Cap + Debt) = 146.97 / (146.97 + 69.99) = 0.6774
Weight Cost Debt = 100% - 0.6774 = 0.3226
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) = 2.75
β = -1.74
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.74 * 5.94 + 0 = -0.0761
WACC = (2.5 / 69.99) * (100% - 0.6774) * (1 - 0.21) + -0.0761 + 0.6774 = 2.75
Terminal Value = Discount (1.13 * (1 + -1.71) / (2.75 - -1.71)) = -0.4043
Company Value = ∑ (1.13 / (1 + 2.75) ^ 5) = 2.91
Price = (Terminal Value + Company Value) / Count shares = (-0.4043 + 2.91) / 82520000 = 30.41