OTC: LFGP - Ledyard Financial Group, Inc.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — キーレート
Excess Key Rate — 必要なキーレートの超過
EPS = 0.9399
CAGR EPS = -12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9399 * (1 + -12%) / (0.0433 * 2) = 9.55

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0336
Ebitda Yield = 0.0138
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0.0113
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 2.82
β = -0.943
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.943 * 5.94 + 0 = -0.0278
WACC = (0.0113 / 0) * (100% - 0) * (1 - 0.21) + -0.0278 + 0 = 0
Terminal Value = Discount (0.0336 * (1 + 0.0138) / (0 - 0.0138)) = 2.48
Company Value = ∑ (0.0336 / (1 + 0) ^ 5) = 0.1634
Price = (Terminal Value + Company Value) / Count shares = (2.48 + 0.1634) / 3370000 = 783.01

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.000537
FCF Yield = -0.2065
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0.0113
Debt = 0
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 2.82
β = -0.943
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.943 * 5.94 + 0 = -0.0278
WACC = (0.0113 / 0) * (100% - 0) * (1 - 0.21) + -0.0278 + 0 = 0
Terminal Value = Discount (0.000537 * (1 + -0.2065) / (0 - -0.2065)) = 0.0021
Company Value = ∑ (0.000537 / (1 + 0) ^ 5) = 0.0045
Price = (Terminal Value + Company Value) / Count shares = (0.0021 + 0.0045) / 3370000 = 1.95