TSE: 6560 - LTS, Inc.

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 = 98.08
CAGR EPS = 16.52%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 98.08 * (1 + 16.52%) / (0.0458 * 2) = 1247.66

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) = 1.87
Ebitda Yield = 0.169
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 = 0.0141
Debt = 5.2
Market Cap = 15.76
Weight Debt = Market Cap / (Market Cap + Debt) = 15.76 / (15.76 + 5.2) = 0.7518
Weight Cost Debt = 100% - 0.7518 = 0.2482
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 = -0.9693
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9693 * 5.94 + 0 = -0.0301
WACC = (0.0141 / 5.2) * (100% - 0.7518) * (1 - 0.21) + -0.0301 + 0.7518 = 0.1906
Terminal Value = Discount (1.87 * (1 + 0.169) / (0.1906 - 0.169)) = 12.93
Company Value = ∑ (1.87 / (1 + 0.1906) ^ 5) = 6.95
Price = (Terminal Value + Company Value) / Count shares = (12.93 + 6.95) / 4650000 = 4277

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) = 1.53
FCF Yield = 0.2042
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 = 0.0141
Debt = 5.2
Market Cap = 15.76
Weight Debt = Market Cap / (Market Cap + Debt) = 15.76 / (15.76 + 5.2) = 0.7518
Weight Cost Debt = 100% - 0.7518 = 0.2482
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 = -0.9693
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9693 * 5.94 + 0 = -0.0301
WACC = (0.0141 / 5.2) * (100% - 0.7518) * (1 - 0.21) + -0.0301 + 0.7518 = 0.1906
Terminal Value = Discount (1.53 * (1 + 0.2042) / (0.1906 - 0.2042)) = 9.02
Company Value = ∑ (1.53 / (1 + 0.1906) ^ 5) = 5.42
Price = (Terminal Value + Company Value) / Count shares = (9.02 + 5.42) / 4650000 = 3105.55