TSE: 9158 - CUC 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 = 14114.51
CAGR EPS = 25.98%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2304 + (2304 * 25.98% / 100) = 2902.49

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) = 2504.4
Ebitda Yield = 0.2177
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 = 42.8
Debt = 4012.95
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 4012.95) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.9351
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.9351 * 5.94 + 0 = 0.0855
WACC = (42.8 / 4012.95) * (100% - 0) * (1 - 0.21) + 0.0855 + 0 = 0.8426
Terminal Value = Discount (2504.4 * (1 + 0.2177) / (0.8426 - 0.2177)) = 13971.16
Company Value = ∑ (2504.4 / (1 + 0.8426) ^ 5) = 8530.24
Price = (Terminal Value + Company Value) / Count shares = (13971.16 + 8530.24) / 27610000 = 814972.61

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2.4
FCF Yield = -1.46
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 = 42.8
Debt = 4012.95
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 4012.95) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.9351
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.9351 * 5.94 + 0 = 0.0855
WACC = (42.8 / 4012.95) * (100% - 0) * (1 - 0.21) + 0.0855 + 0 = 0.8426
Terminal Value = Discount (2.4 * (1 + -1.46) / (0.8426 - -1.46)) = -0.7231
Company Value = ∑ (2.4 / (1 + 0.8426) ^ 5) = 36.04
Price = (Terminal Value + Company Value) / Count shares = (-0.7231 + 36.04) / 27610000 = 1279.2