TSE: 7421 - Kappa Create Co., Ltd.

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 = 28.29
CAGR EPS = 48.03%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 28.29 * (1 + 48.03%) / (0.0433 * 2) = 483.61

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) = 4.45
Ebitda Yield = 0.0226
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 = 0.189
Debt = 7.46
Market Cap = 74.89
Weight Debt = Market Cap / (Market Cap + Debt) = 74.89 / (74.89 + 7.46) = 0.9094
Weight Cost Debt = 100% - 0.9094 = 0.0906
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) = 2.39
β = 0.5571
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.5571 * 5.94 + 0 = 0.057
WACC = (0.189 / 7.46) * (100% - 0.9094) * (1 - 0.21) + 0.057 + 0.9094 = 2.04
Terminal Value = Discount (4.45 * (1 + 0.0226) / (2.04 - 0.0226)) = 1832.63
Company Value = ∑ (4.45 / (1 + 2.04) ^ 5) = 20.02
Price = (Terminal Value + Company Value) / Count shares = (1832.63 + 20.02) / 49340000 = 37548.59

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) = 0.4085
FCF Yield = -0.1753
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 = 0.189
Debt = 7.46
Market Cap = 74.89
Weight Debt = Market Cap / (Market Cap + Debt) = 74.89 / (74.89 + 7.46) = 0.9094
Weight Cost Debt = 100% - 0.9094 = 0.0906
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) = 2.39
β = 0.5571
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.5571 * 5.94 + 0 = 0.057
WACC = (0.189 / 7.46) * (100% - 0.9094) * (1 - 0.21) + 0.057 + 0.9094 = 2.04
Terminal Value = Discount (0.4085 * (1 + -0.1753) / (2.04 - -0.1753)) = 1.56
Company Value = ∑ (0.4085 / (1 + 2.04) ^ 5) = 2.96
Price = (Terminal Value + Company Value) / Count shares = (1.56 + 2.96) / 49340000 = 91.47