TSE: 6789 - Roland DG 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 = 354.51
CAGR EPS = 17.93%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 354.51 * (1 + 17.93%) / (0.0433 * 2) = 4827.84

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) = 10.2
Ebitda Yield = 0.0839
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 = 0.0428
Debt = 3.41
Market Cap = 42.37
Weight Debt = Market Cap / (Market Cap + Debt) = 42.37 / (42.37 + 3.41) = 0.9255
Weight Cost Debt = 100% - 0.9255 = 0.0745
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 = 25.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 25.43 * 5.94 + 0 = 1.54
WACC = (0.0428 / 3.41) * (100% - 0.9255) * (1 - 0.21) + 1.54 + 0.9255 = 2.41
Terminal Value = Discount (10.2 * (1 + 0.0839) / (2.41 - 0.0839)) = 164.03
Company Value = ∑ (10.2 / (1 + 2.41) ^ 5) = 40.54
Price = (Terminal Value + Company Value) / Count shares = (164.03 + 40.54) / 12140000 = 16851.25

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) = 0.2459
FCF Yield = -0.1534
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 = 0.0428
Debt = 3.41
Market Cap = 42.37
Weight Debt = Market Cap / (Market Cap + Debt) = 42.37 / (42.37 + 3.41) = 0.9255
Weight Cost Debt = 100% - 0.9255 = 0.0745
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 = 25.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 25.43 * 5.94 + 0 = 1.54
WACC = (0.0428 / 3.41) * (100% - 0.9255) * (1 - 0.21) + 1.54 + 0.9255 = 2.41
Terminal Value = Discount (0.2459 * (1 + -0.1534) / (2.41 - -0.1534)) = 1.04
Company Value = ∑ (0.2459 / (1 + 2.41) ^ 5) = 1.66
Price = (Terminal Value + Company Value) / Count shares = (1.04 + 1.66) / 12140000 = 222.16