TSE: 8035 - Tokyo Electron Limited

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 = 781.2
CAGR EPS = 15.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 781.2 * (1 + 15.02%) / (0.0433 * 2) = 10375.92

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) = 857.19
Ebitda Yield = 0.11
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 = 6.8
Debt = 13.32
Market Cap = 9590
Weight Debt = Market Cap / (Market Cap + Debt) = 9590 / (9590 + 13.32) = 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) = 2.82
β = 2.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.6 * 5.94 + 0 = 0.1825
WACC = (6.8 / 13.32) * (100% - 0.9986) * (1 - 0.21) + 0.1825 + 0.9986 = 40.11
Terminal Value = Discount (857.19 * (1 + 0.11) / (40.11 - 0.11)) = 605.41
Company Value = ∑ (857.19 / (1 + 40.11) ^ 5) = 1334.36
Price = (Terminal Value + Company Value) / Count shares = (605.41 + 1334.36) / 465900000 = 4163.49

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 440.17
FCF Yield = 0.0728
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 = 6.8
Debt = 13.32
Market Cap = 9590
Weight Debt = Market Cap / (Market Cap + Debt) = 9590 / (9590 + 13.32) = 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) = 2.82
β = 2.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.6 * 5.94 + 0 = 0.1825
WACC = (6.8 / 13.32) * (100% - 0.9986) * (1 - 0.21) + 0.1825 + 0.9986 = 40.11
Terminal Value = Discount (440.17 * (1 + 0.0728) / (40.11 - 0.0728)) = 266.42
Company Value = ∑ (440.17 / (1 + 40.11) ^ 5) = 745.81
Price = (Terminal Value + Company Value) / Count shares = (266.42 + 745.81) / 465900000 = 2172.64