TSE: 4890 - Tsubota Laboratory Incorporated

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 = -25.15
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 447 + (447 * 9.16% / 100) = 487.95

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) = -16.87
Ebitda Yield = 0.9492
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 = 0.001
Debt = 0.1169
Market Cap = 17.52
Weight Debt = Market Cap / (Market Cap + Debt) = 17.52 / (17.52 + 0.1169) = 0.9934
Weight Cost Debt = 100% - 0.9934 = 0.0066000000000001
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 = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.06 * 5.94 + 0 = 0.2093
WACC = (0.001 / 0.1169) * (100% - 0.9934) * (1 - 0.21) + 0.2093 + 0.9934 = 0.8803
Terminal Value = Discount (-16.87 * (1 + 0.9492) / (0.8803 - 0.9492)) = -33.47
Company Value = ∑ (-16.87 / (1 + 0.8803) ^ 5) = -32.23
Price = (Terminal Value + Company Value) / Count shares = (-33.47 + -32.23) / 25310000 = -2595.58

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) = 0.0314
FCF Yield = -1.63
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 = 0.001
Debt = 0.1169
Market Cap = 17.52
Weight Debt = Market Cap / (Market Cap + Debt) = 17.52 / (17.52 + 0.1169) = 0.9934
Weight Cost Debt = 100% - 0.9934 = 0.0066000000000001
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 = 3.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.06 * 5.94 + 0 = 0.2093
WACC = (0.001 / 0.1169) * (100% - 0.9934) * (1 - 0.21) + 0.2093 + 0.9934 = 0.8803
Terminal Value = Discount (0.0314 * (1 + -1.63) / (0.8803 - -1.63)) = -0.0116
Company Value = ∑ (0.0314 / (1 + 0.8803) ^ 5) = 0.1322
Price = (Terminal Value + Company Value) / Count shares = (-0.0116 + 0.1322) / 25310000 = 4.77