TSE: 4592 - SanBio Company Limited

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 = -40.48
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 883.5 + (883.5 * 8.66% / 100) = 960.01

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = -4.14
Ebitda Yield = -0.0177
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 = 0.0258
Debt = 0.665
Market Cap = 42.54
Weight Debt = Market Cap / (Market Cap + Debt) = 42.54 / (42.54 + 0.665) = 0.9846
Weight Cost Debt = 100% - 0.9846 = 0.0154
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) = 2.82
β = -16.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -16.22 * 5.94 + 0 = -0.935
WACC = (0.0258 / 0.665) * (100% - 0.9846) * (1 - 0.21) + -0.935 + 0.9846 = 2.12
Terminal Value = Discount (-4.14 * (1 + -0.0177) / (2.12 - -0.0177)) = -94.28
Company Value = ∑ (-4.14 / (1 + 2.12) ^ 5) = -20.17
Price = (Terminal Value + Company Value) / Count shares = (-94.28 + -20.17) / 65320000 = -1752.12

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) = -4.15
FCF Yield = -0.0296
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 = 0.0258
Debt = 0.665
Market Cap = 42.54
Weight Debt = Market Cap / (Market Cap + Debt) = 42.54 / (42.54 + 0.665) = 0.9846
Weight Cost Debt = 100% - 0.9846 = 0.0154
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) = 2.82
β = -16.22
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -16.22 * 5.94 + 0 = -0.935
WACC = (0.0258 / 0.665) * (100% - 0.9846) * (1 - 0.21) + -0.935 + 0.9846 = 2.12
Terminal Value = Discount (-4.15 * (1 + -0.0296) / (2.12 - -0.0296)) = -71.46
Company Value = ∑ (-4.15 / (1 + 2.12) ^ 5) = -20.74
Price = (Terminal Value + Company Value) / Count shares = (-71.46 + -20.74) / 65320000 = -1411.46