TSE: 9424 - Japan Communications 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 = 8.27
CAGR EPS = 29.2%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 176 + (176 * 29.2% / 100) = 227.39

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) = 6.25
Ebitda Yield = 0.2937
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 = 0.0018
Debt = 0.0538
Market Cap = 41.74
Weight Debt = Market Cap / (Market Cap + Debt) = 41.74 / (41.74 + 0.0538) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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) = 2.89
β = -6.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.02 * 5.94 + 0 = -0.3289
WACC = (0.0018 / 0.0538) * (100% - 0.9987) * (1 - 0.21) + -0.3289 + 0.9987 = 2.28
Terminal Value = Discount (6.25 * (1 + 0.2937) / (2.28 - 0.2937)) = 26.67
Company Value = ∑ (6.25 / (1 + 2.28) ^ 5) = 18.43
Price = (Terminal Value + Company Value) / Count shares = (26.67 + 18.43) / 165020000 = 273.29

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) = 2.23
FCF Yield = 0.2118
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 = 0.0018
Debt = 0.0538
Market Cap = 41.74
Weight Debt = Market Cap / (Market Cap + Debt) = 41.74 / (41.74 + 0.0538) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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) = 2.89
β = -6.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.02 * 5.94 + 0 = -0.3289
WACC = (0.0018 / 0.0538) * (100% - 0.9987) * (1 - 0.21) + -0.3289 + 0.9987 = 2.28
Terminal Value = Discount (2.23 * (1 + 0.2118) / (2.28 - 0.2118)) = 12.8
Company Value = ∑ (2.23 / (1 + 2.28) ^ 5) = 7.32
Price = (Terminal Value + Company Value) / Count shares = (12.8 + 7.32) / 165020000 = 121.93