TSE: 6619 - W-SCOPE 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 = 15.62
CAGR EPS = 16.48%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 15.62 * (1 + 16.48%) / (0.0458 * 2) = 198.64

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) = 143.82
Ebitda Yield = 0.6845
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 = 0.4588
Debt = 34.86
Market Cap = 66.6
Weight Debt = Market Cap / (Market Cap + Debt) = 66.6 / (66.6 + 34.86) = 0.6564
Weight Cost Debt = 100% - 0.6564 = 0.3436
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 = -1.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.31 * 5.94 + 0 = -0.0506
WACC = (0.4588 / 34.86) * (100% - 0.6564) * (1 - 0.21) + -0.0506 + 0.6564 = 0.9996
Terminal Value = Discount (143.82 * (1 + 0.6845) / (0.9996 - 0.6845)) = 341.76
Company Value = ∑ (143.82 / (1 + 0.9996) ^ 5) = 315.27
Price = (Terminal Value + Company Value) / Count shares = (341.76 + 315.27) / 55490000 = 11840.54

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) = -66.63
FCF Yield = 0.1228
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 = 0.4588
Debt = 34.86
Market Cap = 66.6
Weight Debt = Market Cap / (Market Cap + Debt) = 66.6 / (66.6 + 34.86) = 0.6564
Weight Cost Debt = 100% - 0.6564 = 0.3436
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 = -1.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.31 * 5.94 + 0 = -0.0506
WACC = (0.4588 / 34.86) * (100% - 0.6564) * (1 - 0.21) + -0.0506 + 0.6564 = 0.9996
Terminal Value = Discount (-66.63 * (1 + 0.1228) / (0.9996 - 0.1228)) = -630.93
Company Value = ∑ (-66.63 / (1 + 0.9996) ^ 5) = -259.38
Price = (Terminal Value + Company Value) / Count shares = (-630.93 + -259.38) / 55490000 = -16044.44