TSE: 7157 - Lifenet Insurance Company

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 = 75.97
CAGR EPS = 29.36%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 75.97 * (1 + 29.36%) / (0.0433 * 2) = 1134.77

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) = 40.34
Ebitda Yield = 0.3534
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 = 0.002
Debt = 0.11
Market Cap = 78.17
Weight Debt = Market Cap / (Market Cap + Debt) = 78.17 / (78.17 + 0.11) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.25 * 5.94 + 0 = -0.1035
WACC = (0.002 / 0.11) * (100% - 0.9986) * (1 - 0.21) + -0.1035 + 0.9986 = 1.32
Terminal Value = Discount (40.34 * (1 + 0.3534) / (1.32 - 0.3534)) = 150.29
Company Value = ∑ (40.34 / (1 + 1.32) ^ 5) = 114.95
Price = (Terminal Value + Company Value) / Count shares = (150.29 + 114.95) / 75480000 = 3514.11

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) = 17.56
FCF Yield = 0.274
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 = 0.002
Debt = 0.11
Market Cap = 78.17
Weight Debt = Market Cap / (Market Cap + Debt) = 78.17 / (78.17 + 0.11) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.25 * 5.94 + 0 = -0.1035
WACC = (0.002 / 0.11) * (100% - 0.9986) * (1 - 0.21) + -0.1035 + 0.9986 = 1.32
Terminal Value = Discount (17.56 * (1 + 0.274) / (1.32 - 0.274)) = 80.35
Company Value = ∑ (17.56 / (1 + 1.32) ^ 5) = 54.79
Price = (Terminal Value + Company Value) / Count shares = (80.35 + 54.79) / 75480000 = 1790.4