HKEX: 0214 - Asia Orient Holdings Limited

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 = -4.48
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.405 + (0.405 * 8.66% / 100) = 0.4401

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) = 1.22
Ebitda Yield = -1.75
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 = 0.8219
Debt = 17.85
Market Cap = 0.4709
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4709 / (0.4709 + 17.85) = 0.0257
Weight Cost Debt = 100% - 0.0257 = 0.9743
Tax = 0.25
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) = -0.7
β = -0.6056
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.6056 * 18.88 + 0.91 = -0.1122
WACC = (0.8219 / 17.85) * (100% - 0.0257) * (1 - 0.25) + -0.1122 + 0.0257 = 3.45
Terminal Value = Discount (1.22 * (1 + -1.75) / (3.45 - -1.75)) = -0.4343
Company Value = ∑ (1.22 / (1 + 3.45) ^ 5) = 2.57
Price = (Terminal Value + Company Value) / Count shares = (-0.4343 + 2.57) / 840870000 = 2.54

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) = 3.52
FCF Yield = -2.33
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 = 0.8219
Debt = 17.85
Market Cap = 0.4709
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4709 / (0.4709 + 17.85) = 0.0257
Weight Cost Debt = 100% - 0.0257 = 0.9743
Tax = 0.25
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) = -0.7
β = -0.6056
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.6056 * 18.88 + 0.91 = -0.1122
WACC = (0.8219 / 17.85) * (100% - 0.0257) * (1 - 0.25) + -0.1122 + 0.0257 = 3.45
Terminal Value = Discount (3.52 * (1 + -2.33) / (3.45 - -2.33)) = -1.67
Company Value = ∑ (3.52 / (1 + 3.45) ^ 5) = 2.15
Price = (Terminal Value + Company Value) / Count shares = (-1.67 + 2.15) / 840870000 = 0.5722