TSE: 9227 - Microwave Chemical Co., Ltd.

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 = -61.12
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 910 + (910 * 8.66% / 100) = 988.81

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) = 26.8
Ebitda Yield = -3.01
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 = 0.0075
Debt = 0.5254
Market Cap = 27.89
Weight Debt = Market Cap / (Market Cap + Debt) = 27.89 / (27.89 + 0.5254) = 0.9815
Weight Cost Debt = 100% - 0.9815 = 0.0185
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 = 3.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.73 * 5.94 + 0 = 0.2513
WACC = (0.0075 / 0.5254) * (100% - 0.9815) * (1 - 0.21) + 0.2513 + 0.9815 = 1.36
Terminal Value = Discount (26.8 * (1 + -3.01) / (1.36 - -3.01)) = -16.66
Company Value = ∑ (26.8 / (1 + 1.36) ^ 5) = 17.2
Price = (Terminal Value + Company Value) / Count shares = (-16.66 + 17.2) / 15460000 = 34.86

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = -0.0422
FCF Yield = -0.1415
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 = 0.0075
Debt = 0.5254
Market Cap = 27.89
Weight Debt = Market Cap / (Market Cap + Debt) = 27.89 / (27.89 + 0.5254) = 0.9815
Weight Cost Debt = 100% - 0.9815 = 0.0185
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 = 3.73
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.73 * 5.94 + 0 = 0.2513
WACC = (0.0075 / 0.5254) * (100% - 0.9815) * (1 - 0.21) + 0.2513 + 0.9815 = 1.36
Terminal Value = Discount (-0.0422 * (1 + -0.1415) / (1.36 - -0.1415)) = -0.2182
Company Value = ∑ (-0.0422 / (1 + 1.36) ^ 5) = -0.2824
Price = (Terminal Value + Company Value) / Count shares = (-0.2182 + -0.2824) / 15460000 = -32.38