TSE: 7068 - Feedforce Group 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 = 17.94
CAGR EPS = 10.28%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 17.94 * (1 + 10.28%) / (0.0458 * 2) = 216.01

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) = 3.83
Ebitda Yield = 0.2152
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 = 0.014
Debt = 2.24
Market Cap = 24.32
Weight Debt = Market Cap / (Market Cap + Debt) = 24.32 / (24.32 + 2.24) = 0.9158
Weight Cost Debt = 100% - 0.9158 = 0.0842
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 = -2.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -2.02 * 5.94 + 0 = -0.0924
WACC = (0.014 / 2.24) * (100% - 0.9158) * (1 - 0.21) + -0.0924 + 0.9158 = 0.4054
Terminal Value = Discount (3.83 * (1 + 0.2152) / (0.4054 - 0.2152)) = 21.6
Company Value = ∑ (3.83 / (1 + 0.4054) ^ 5) = 13.28
Price = (Terminal Value + Company Value) / Count shares = (21.6 + 13.28) / 26370000 = 1322.6

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) = 1.3
FCF Yield = 0.1055
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 = 0.014
Debt = 2.24
Market Cap = 24.32
Weight Debt = Market Cap / (Market Cap + Debt) = 24.32 / (24.32 + 2.24) = 0.9158
Weight Cost Debt = 100% - 0.9158 = 0.0842
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 = -2.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -2.02 * 5.94 + 0 = -0.0924
WACC = (0.014 / 2.24) * (100% - 0.9158) * (1 - 0.21) + -0.0924 + 0.9158 = 0.4054
Terminal Value = Discount (1.3 * (1 + 0.1055) / (0.4054 - 0.1055)) = 13.89
Company Value = ∑ (1.3 / (1 + 0.4054) ^ 5) = 5.31
Price = (Terminal Value + Company Value) / Count shares = (13.89 + 5.31) / 26370000 = 728.16