TSE: 9519 - RENOVA, 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 = 111.97
CAGR EPS = 19.1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1002.5 + (1002.5 * 19.1% / 100) = 1193.94

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) = 16.92
Ebitda Yield = 0.0436
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 = 3.46
Debt = 298.12
Market Cap = 119.42
Weight Debt = Market Cap / (Market Cap + Debt) = 119.42 / (119.42 + 298.12) = 0.286
Weight Cost Debt = 100% - 0.286 = 0.714
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 = -0.7685
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7685 * 5.94 + 0 = -0.0181
WACC = (3.46 / 298.12) * (100% - 0.286) * (1 - 0.21) + -0.0181 + 0.286 = 0.9085
Terminal Value = Discount (16.92 * (1 + 0.0436) / (0.9085 - 0.0436)) = 488.57
Company Value = ∑ (16.92 / (1 + 0.9085) ^ 5) = 75.68
Price = (Terminal Value + Company Value) / Count shares = (488.57 + 75.68) / 79050000 = 7137.89

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) = 3.72
FCF Yield = 0.057
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 = 3.46
Debt = 298.12
Market Cap = 119.42
Weight Debt = Market Cap / (Market Cap + Debt) = 119.42 / (119.42 + 298.12) = 0.286
Weight Cost Debt = 100% - 0.286 = 0.714
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 = -0.7685
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7685 * 5.94 + 0 = -0.0181
WACC = (3.46 / 298.12) * (100% - 0.286) * (1 - 0.21) + -0.0181 + 0.286 = 0.9085
Terminal Value = Discount (3.72 * (1 + 0.057) / (0.9085 - 0.057)) = 78.52
Company Value = ∑ (3.72 / (1 + 0.9085) ^ 5) = 16.24
Price = (Terminal Value + Company Value) / Count shares = (78.52 + 16.24) / 79050000 = 1198.74