TSE: 4599 - StemRIM

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 = 2.69
CAGR EPS = 16.65%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.69 * (1 + 16.65%) / (0.0458 * 2) = 34.29

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) = 0.3751
Ebitda Yield = 0.1423
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 = 5.8E-5
Debt = 0.000531
Market Cap = 61.74
Weight Debt = Market Cap / (Market Cap + Debt) = 61.74 / (61.74 + 0.000531) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.3976
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3976 * 5.94 + 0 = 0.0039
WACC = (5.8E-5 / 0.000531) * (100% - 1) * (1 - 0.21) + 0.0039 + 1 = 8.55
Terminal Value = Discount (0.3751 * (1 + 0.1423) / (8.55 - 0.1423)) = 5
Company Value = ∑ (0.3751 / (1 + 8.55) ^ 5) = 1.13
Price = (Terminal Value + Company Value) / Count shares = (5 + 1.13) / 62530000 = 97.99

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) = 3.13
FCF Yield = 0.2247
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 = 5.8E-5
Debt = 0.000531
Market Cap = 61.74
Weight Debt = Market Cap / (Market Cap + Debt) = 61.74 / (61.74 + 0.000531) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.3976
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3976 * 5.94 + 0 = 0.0039
WACC = (5.8E-5 / 0.000531) * (100% - 1) * (1 - 0.21) + 0.0039 + 1 = 8.55
Terminal Value = Discount (3.13 * (1 + 0.2247) / (8.55 - 0.2247)) = 18.25
Company Value = ∑ (3.13 / (1 + 8.55) ^ 5) = 8.27
Price = (Terminal Value + Company Value) / Count shares = (18.25 + 8.27) / 62530000 = 424.16