TSE: 5253 - COVER Corporation

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 = 61.78
CAGR EPS = -61.79%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 61.78 * (1 + -61.79%) / (0.0433 * 2) = 272.61

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) = 0.2163
Ebitda Yield = -0.4857
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
Debt = 0
Market Cap = 150.61
Weight Debt = Market Cap / (Market Cap + Debt) = 150.61 / (150.61 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = -16.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -16.06 * 5.94 + 0 = -0.9241
WACC = (0 / 0) * (100% - 0) * (1 - 0.21) + -0.9241 + 0 = 0
Terminal Value = Discount (0.2163 * (1 + -0.4857) / (0 - -0.4857)) = 0.2291
Company Value = ∑ (0.2163 / (1 + 0) ^ 5) = 6.14
Price = (Terminal Value + Company Value) / Count shares = (0.2291 + 6.14) / 66960000 = 95.05

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) = 0.0147
FCF Yield = -0.5756
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
Debt = 0
Market Cap = 150.61
Weight Debt = Market Cap / (Market Cap + Debt) = 150.61 / (150.61 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 3
β = -16.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -16.06 * 5.94 + 0 = -0.9241
WACC = (0 / 0) * (100% - 0) * (1 - 0.21) + -0.9241 + 0 = 0
Terminal Value = Discount (0.0147 * (1 + -0.5756) / (0 - -0.5756)) = 0.0109
Company Value = ∑ (0.0147 / (1 + 0) ^ 5) = 0.778
Price = (Terminal Value + Company Value) / Count shares = (0.0109 + 0.778) / 66960000 = 11.78