TSE: 6232 - ACSL Ltd.

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 = -175.22
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 784.5 + (784.5 * 8.66% / 100) = 852.44

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) = -32.95
Ebitda Yield = 0.7346
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 = 0.0091
Debt = 2.11
Market Cap = 17.8
Weight Debt = Market Cap / (Market Cap + Debt) = 17.8 / (17.8 + 2.11) = 0.894
Weight Cost Debt = 100% - 0.894 = 0.106
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 = -5.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.08 * 5.94 + 0 = -0.2718
WACC = (0.0091 / 2.11) * (100% - 0.894) * (1 - 0.21) + -0.2718 + 0.894 = 0.095
Terminal Value = Discount (-32.95 * (1 + 0.7346) / (0.095 - 0.7346)) = -77.55
Company Value = ∑ (-32.95 / (1 + 0.095) ^ 5) = -72.58
Price = (Terminal Value + Company Value) / Count shares = (-77.55 + -72.58) / 14510000 = -10346.63

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) = -21.75
FCF Yield = 0.5215
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 = 0.0091
Debt = 2.11
Market Cap = 17.8
Weight Debt = Market Cap / (Market Cap + Debt) = 17.8 / (17.8 + 2.11) = 0.894
Weight Cost Debt = 100% - 0.894 = 0.106
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 = -5.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -5.08 * 5.94 + 0 = -0.2718
WACC = (0.0091 / 2.11) * (100% - 0.894) * (1 - 0.21) + -0.2718 + 0.894 = 0.095
Terminal Value = Discount (-21.75 * (1 + 0.5215) / (0.095 - 0.5215)) = -63.26
Company Value = ∑ (-21.75 / (1 + 0.095) ^ 5) = -55.46
Price = (Terminal Value + Company Value) / Count shares = (-63.26 + -55.46) / 14510000 = -8182.17