TSE: 4587 - PeptiDream 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 = 23.38
CAGR EPS = 51.55%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 23.38 * (1 + 51.55%) / (0.0458 * 2) = 386.84

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) = 59.32
Ebitda Yield = 0.4503
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 = 2.25
Debt = 22.48
Market Cap = 238.56
Weight Debt = Market Cap / (Market Cap + Debt) = 238.56 / (238.56 + 22.48) = 0.9139
Weight Cost Debt = 100% - 0.9139 = 0.0861
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 = 3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.5 * 5.94 + 0 = 0.2352
WACC = (2.25 / 22.48) * (100% - 0.9139) * (1 - 0.21) + 0.2352 + 0.9139 = 8.06
Terminal Value = Discount (59.32 * (1 + 0.4503) / (8.06 - 0.4503)) = 157.92
Company Value = ∑ (59.32 / (1 + 8.06) ^ 5) = 121.66
Price = (Terminal Value + Company Value) / Count shares = (157.92 + 121.66) / 129840000 = 2153.32

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) = 616.73
FCF Yield = 1.24
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 = 2.25
Debt = 22.48
Market Cap = 238.56
Weight Debt = Market Cap / (Market Cap + Debt) = 238.56 / (238.56 + 22.48) = 0.9139
Weight Cost Debt = 100% - 0.9139 = 0.0861
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 = 3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.5 * 5.94 + 0 = 0.2352
WACC = (2.25 / 22.48) * (100% - 0.9139) * (1 - 0.21) + 0.2352 + 0.9139 = 8.06
Terminal Value = Discount (616.73 * (1 + 1.24) / (8.06 - 1.24)) = 810.25
Company Value = ∑ (616.73 / (1 + 8.06) ^ 5) = 788.85
Price = (Terminal Value + Company Value) / Count shares = (810.25 + 788.85) / 129840000 = 12315.92