TSE: 9717 - JASTEC Co., Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 128.78
CAGR EPS = 8.47%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 128.78 * (1 + 8.47%) / (0.0433 * 2) = 1613.07

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) = 4.35
Ebitda Yield = 0.0544
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 = 0.0029
Debt = 0.183
Market Cap = 22.74
Weight Debt = Market Cap / (Market Cap + Debt) = 22.74 / (22.74 + 0.183) = 0.992
Weight Cost Debt = 100% - 0.992 = 0.008
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 = 27.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 27.79 * 5.94 + 0 = 1.68
WACC = (0.0029 / 0.183) * (100% - 0.992) * (1 - 0.21) + 1.68 + 0.992 = 2.92
Terminal Value = Discount (4.35 * (1 + 0.0544) / (2.92 - 0.0544)) = 157.09
Company Value = ∑ (4.35 / (1 + 2.92) ^ 5) = 17.95
Price = (Terminal Value + Company Value) / Count shares = (157.09 + 17.95) / 17190000 = 10182.71

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) = 1.15
FCF Yield = -0.0553
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 = 0.0029
Debt = 0.183
Market Cap = 22.74
Weight Debt = Market Cap / (Market Cap + Debt) = 22.74 / (22.74 + 0.183) = 0.992
Weight Cost Debt = 100% - 0.992 = 0.008
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 = 27.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 27.79 * 5.94 + 0 = 1.68
WACC = (0.0029 / 0.183) * (100% - 0.992) * (1 - 0.21) + 1.68 + 0.992 = 2.92
Terminal Value = Discount (1.15 * (1 + -0.0553) / (2.92 - -0.0553)) = 11.11
Company Value = ∑ (1.15 / (1 + 2.92) ^ 5) = 5.94
Price = (Terminal Value + Company Value) / Count shares = (11.11 + 5.94) / 17190000 = 991.67