TSE: 9552 - M&A Research Institute Holdings 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 = 90.44
CAGR EPS = 311.45%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3202 + (3202 * 311.45% / 100) = 13174.51

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) = 4682.87
Ebitda Yield = 2.54
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 = 0.0012
Debt = 0.0518
Market Cap = 211.31
Weight Debt = Market Cap / (Market Cap + Debt) = 211.31 / (211.31 + 0.0518) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = -1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.81 * 5.94 + 0 = -0.0785
WACC = (0.0012 / 0.0518) * (100% - 0.9998) * (1 - 0.21) + -0.0785 + 0.9998 = 1.73
Terminal Value = Discount (4682.87 * (1 + 2.54) / (1.73 - 2.54)) = 6032.4
Company Value = ∑ (4682.87 / (1 + 1.73) ^ 5) = 6020.52
Price = (Terminal Value + Company Value) / Count shares = (6032.4 + 6020.52) / 64000000 = 188326.88

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) = 1103.81
FCF Yield = 1.91
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 = 0.0012
Debt = 0.0518
Market Cap = 211.31
Weight Debt = Market Cap / (Market Cap + Debt) = 211.31 / (211.31 + 0.0518) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = -1.81
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.81 * 5.94 + 0 = -0.0785
WACC = (0.0012 / 0.0518) * (100% - 0.9998) * (1 - 0.21) + -0.0785 + 0.9998 = 1.73
Terminal Value = Discount (1103.81 * (1 + 1.91) / (1.73 - 1.91)) = 1558.34
Company Value = ∑ (1103.81 / (1 + 1.73) ^ 5) = 1550.16
Price = (Terminal Value + Company Value) / Count shares = (1558.34 + 1550.16) / 64000000 = 48570.33