TSE: 7359 - Tokyo Communications Group,Inc.

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 = -20.47
CAGR EPS = -138.7%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -138.7% / 100) = 91.49

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) = 0.0407
Ebitda Yield = -0.4407
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 = 1.95
Market Cap = 11.82
Weight Debt = Market Cap / (Market Cap + Debt) = 11.82 / (11.82 + 1.95) = 0.8584
Weight Cost Debt = 100% - 0.8584 = 0.1416
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 = 3.15
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.15 * 5.94 + 0 = 0.2174
WACC = (0.014 / 1.95) * (100% - 0.8584) * (1 - 0.21) + 0.2174 + 0.8584 = 0.7498
Terminal Value = Discount (0.0407 * (1 + -0.4407) / (0.7498 - -0.4407)) = 0.0489
Company Value = ∑ (0.0407 / (1 + 0.7498) ^ 5) = 0.8786
Price = (Terminal Value + Company Value) / Count shares = (0.0489 + 0.8786) / 10010000 = 92.66

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
FCF Yield = -1.07
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 = 1.95
Market Cap = 11.82
Weight Debt = Market Cap / (Market Cap + Debt) = 11.82 / (11.82 + 1.95) = 0.8584
Weight Cost Debt = 100% - 0.8584 = 0.1416
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 = 3.15
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.15 * 5.94 + 0 = 0.2174
WACC = (0.014 / 1.95) * (100% - 0.8584) * (1 - 0.21) + 0.2174 + 0.8584 = 0.7498
Terminal Value = Discount (0 * (1 + -1.07) / (0.7498 - -1.07)) = 0
Company Value = ∑ (0 / (1 + 0.7498) ^ 5) = 0.0051
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0051) / 10010000 = 0.5069