TSE: 7048 - VELTRA 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 = -1.62
CAGR EPS = -161.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -161.65% / 100) = 11.55

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) = 0.0051
Ebitda Yield = -0.3529
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 = 0.0025
Debt = 0.5
Market Cap = 23.48
Weight Debt = Market Cap / (Market Cap + Debt) = 23.48 / (23.48 + 0.5) = 0.9791
Weight Cost Debt = 100% - 0.9791 = 0.0209
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 = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.47 * 5.94 + 0 = 0.1176
WACC = (0.0025 / 0.5) * (100% - 0.9791) * (1 - 0.21) + 0.1176 + 0.9791 = 0.511
Terminal Value = Discount (0.0051 * (1 + -0.3529) / (0.511 - -0.3529)) = 0.009
Company Value = ∑ (0.0051 / (1 + 0.511) ^ 5) = 0.0724
Price = (Terminal Value + Company Value) / Count shares = (0.009 + 0.0724) / 35580000 = 2.29

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) = 0.9058
FCF Yield = -0.0302
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 = 0.0025
Debt = 0.5
Market Cap = 23.48
Weight Debt = Market Cap / (Market Cap + Debt) = 23.48 / (23.48 + 0.5) = 0.9791
Weight Cost Debt = 100% - 0.9791 = 0.0209
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 = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.47 * 5.94 + 0 = 0.1176
WACC = (0.0025 / 0.5) * (100% - 0.9791) * (1 - 0.21) + 0.1176 + 0.9791 = 0.511
Terminal Value = Discount (0.9058 * (1 + -0.0302) / (0.511 - -0.0302)) = 24.25
Company Value = ∑ (0.9058 / (1 + 0.511) ^ 5) = 4.75
Price = (Terminal Value + Company Value) / Count shares = (24.25 + 4.75) / 35580000 = 814.88