TSE: 6997 - Nippon Chemi-Con 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 = -1029.15
CAGR EPS = 23.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1166 + (1166 * 23.14% / 100) = 1435.82

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) = 2.47
Ebitda Yield = -1.75
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 = 2.16
Debt = 89.58
Market Cap = 25.63
Weight Debt = Market Cap / (Market Cap + Debt) = 25.63 / (25.63 + 89.58) = 0.2225
Weight Cost Debt = 100% - 0.2225 = 0.7775
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) = 2.82
β = 3.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.77 * 5.94 + 0 = 0.2519
WACC = (2.16 / 89.58) * (100% - 0.2225) * (1 - 0.21) + 0.2519 + 0.2225 = 1.96
Terminal Value = Discount (2.47 * (1 + -1.75) / (1.96 - -1.75)) = -0.9542
Company Value = ∑ (2.47 / (1 + 1.96) ^ 5) = 5.26
Price = (Terminal Value + Company Value) / Count shares = (-0.9542 + 5.26) / 20690000 = 208.04

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -191.35
FCF Yield = 0.5354
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 = 2.16
Debt = 89.58
Market Cap = 25.63
Weight Debt = Market Cap / (Market Cap + Debt) = 25.63 / (25.63 + 89.58) = 0.2225
Weight Cost Debt = 100% - 0.2225 = 0.7775
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) = 2.82
β = 3.77
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 3.77 * 5.94 + 0 = 0.2519
WACC = (2.16 / 89.58) * (100% - 0.2225) * (1 - 0.21) + 0.2519 + 0.2225 = 1.96
Terminal Value = Discount (-191.35 * (1 + 0.5354) / (1.96 - 0.5354)) = -516.97
Company Value = ∑ (-191.35 / (1 + 1.96) ^ 5) = -450.23
Price = (Terminal Value + Company Value) / Count shares = (-516.97 + -450.23) / 20690000 = -46747.35