TSE: 6502 - Toshiba 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 = 292.56
CAGR EPS = -29.18%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 292.56 * (1 + -29.18%) / (0.0458 * 2) = 2262.04

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) = 101.08
Ebitda Yield = -0.1896
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 = 4.85
Debt = 429
Market Cap = 1990
Weight Debt = Market Cap / (Market Cap + Debt) = 1990 / (1990 + 429) = 0.8227
Weight Cost Debt = 100% - 0.8227 = 0.1773
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 = -33.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -33.05 * 5.94 + 0 = -1.94
WACC = (4.85 / 429) * (100% - 0.8227) * (1 - 0.21) + -1.94 + 0.8227 = -0.7063
Terminal Value = Discount (101.08 * (1 + -0.1896) / (-0.7063 - -0.1896)) = 465.05
Company Value = ∑ (101.08 / (1 + -0.7063) ^ 5) = 818.88
Price = (Terminal Value + Company Value) / Count shares = (465.05 + 818.88) / 432640000 = 2967.68

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) = -681.89
FCF Yield = 0.4289
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 = 4.85
Debt = 429
Market Cap = 1990
Weight Debt = Market Cap / (Market Cap + Debt) = 1990 / (1990 + 429) = 0.8227
Weight Cost Debt = 100% - 0.8227 = 0.1773
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 = -33.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -33.05 * 5.94 + 0 = -1.94
WACC = (4.85 / 429) * (100% - 0.8227) * (1 - 0.21) + -1.94 + 0.8227 = -0.7063
Terminal Value = Discount (-681.89 * (1 + 0.4289) / (-0.7063 - 0.4289)) = -2315.43
Company Value = ∑ (-681.89 / (1 + -0.7063) ^ 5) = -1940.3
Price = (Terminal Value + Company Value) / Count shares = (-2315.43 + -1940.3) / 432640000 = -9836.65