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 = 14066.01
CAGR EPS = 25.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1957.5 + (1957.5 * 25.87% / 100) = 2463.86

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) = 2488.43
Ebitda Yield = 0.2169
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 = 42.66
Debt = 3999.16
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 3999.16) = 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) = 2.75
β = 6.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 6.16 * 5.94 + 0 = 0.3934
WACC = (42.66 / 3999.16) * (100% - 0) * (1 - 0.21) + 0.3934 + 0 = 0.8427
Terminal Value = Discount (2488.43 * (1 + 0.2169) / (0.8427 - 0.2169)) = 13925.96
Company Value = ∑ (2488.43 / (1 + 0.8427) ^ 5) = 8484.86
Price = (Terminal Value + Company Value) / Count shares = (13925.96 + 8484.86) / 21270000 = 1053634.92

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 2.37
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 = 42.66
Debt = 3999.16
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 3999.16) = 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) = 2.75
β = 6.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 6.16 * 5.94 + 0 = 0.3934
WACC = (42.66 / 3999.16) * (100% - 0) * (1 - 0.21) + 0.3934 + 0 = 0.8427
Terminal Value = Discount (2.37 * (1 + -1.46) / (0.8427 - -1.46)) = -0.7157
Company Value = ∑ (2.37 / (1 + 0.8427) ^ 5) = 35.89
Price = (Terminal Value + Company Value) / Count shares = (-0.7157 + 35.89) / 21270000 = 1653.5