TSE: 4708 - Relia, 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 = 66.33
CAGR EPS = 21.32%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 66.33 * (1 + 21.32%) / (0.0433 * 2) = 929.26

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) = 48.35
Ebitda Yield = 0.3633
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 = 0.057
Debt = 0.754
Market Cap = 94.86
Weight Debt = Market Cap / (Market Cap + Debt) = 94.86 / (94.86 + 0.754) = 0.9921
Weight Cost Debt = 100% - 0.9921 = 0.0079
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.057 / 0.754) * (100% - 0.9921) * (1 - 0.21) + 0.0275 + 0.9921 = 5.94
Terminal Value = Discount (48.35 * (1 + 0.3633) / (5.94 - 0.3633)) = 162.53
Company Value = ∑ (48.35 / (1 + 5.94) ^ 5) = 116.48
Price = (Terminal Value + Company Value) / Count shares = (162.53 + 116.48) / 64839999 = 4303.14

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) = 4.85
FCF Yield = -0.0137
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 = 0.057
Debt = 0.754
Market Cap = 94.86
Weight Debt = Market Cap / (Market Cap + Debt) = 94.86 / (94.86 + 0.754) = 0.9921
Weight Cost Debt = 100% - 0.9921 = 0.0079
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0.057 / 0.754) * (100% - 0.9921) * (1 - 0.21) + 0.0275 + 0.9921 = 5.94
Terminal Value = Discount (4.85 * (1 + -0.0137) / (5.94 - -0.0137)) = 49.08
Company Value = ∑ (4.85 / (1 + 5.94) ^ 5) = 21.09
Price = (Terminal Value + Company Value) / Count shares = (49.08 + 21.09) / 64839999 = 1082.31