TSE: 6366 - Chiyoda Corporation

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 = -61.11
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 327 + (327 * 8.66% / 100) = 355.32

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) = 0.0045
Ebitda Yield = -1.29
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 = 0.696
Debt = 23.6
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 23.6) = 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 = -2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.25 * 5.94 + 0 = -0.1034
WACC = (0.696 / 23.6) * (100% - 0) * (1 - 0.21) + -0.1034 + 0 = 2.33
Terminal Value = Discount (0.0045 * (1 + -1.29) / (2.33 - -1.29)) = -0.000886
Company Value = ∑ (0.0045 / (1 + 2.33) ^ 5) = 0.4535
Price = (Terminal Value + Company Value) / Count shares = (-0.000886 + 0.4535) / 980350000 = 0.4617

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) = 172.33
FCF Yield = 0.2397
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 = 0.696
Debt = 23.6
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 23.6) = 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 = -2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.25 * 5.94 + 0 = -0.1034
WACC = (0.696 / 23.6) * (100% - 0) * (1 - 0.21) + -0.1034 + 0 = 2.33
Terminal Value = Discount (172.33 * (1 + 0.2397) / (2.33 - 0.2397)) = 879.94
Company Value = ∑ (172.33 / (1 + 2.33) ^ 5) = 542.71
Price = (Terminal Value + Company Value) / Count shares = (879.94 + 542.71) / 980350000 = 1451.16