HKEX: 0425 - Minth Group 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 = 1.64
CAGR EPS = 2.39%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.71 + (14.71 * 2.39% / 100) = 15.06

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) = 5.59
Ebitda Yield = 0.0621
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 = 0.5155
Debt = 9.15
Market Cap = 26.9
Weight Debt = Market Cap / (Market Cap + Debt) = 26.9 / (26.9 + 9.15) = 0.7462
Weight Cost Debt = 100% - 0.7462 = 0.2538
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) = 0.2
β = 1.06
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 1.06 * 18.88 + 0.91 = 0.2105
WACC = (0.5155 / 9.15) * (100% - 0.7462) * (1 - 0.25) + 0.2105 + 0.7462 = 4.35
Terminal Value = Discount (5.59 * (1 + 0.0621) / (4.35 - 0.0621)) = 258.94
Company Value = ∑ (5.59 / (1 + 4.35) ^ 5) = 21.83
Price = (Terminal Value + Company Value) / Count shares = (258.94 + 21.83) / 1161990000 = 241.63

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) = 0.0178
FCF Yield = -0.2714
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 = 0.5155
Debt = 9.15
Market Cap = 26.9
Weight Debt = Market Cap / (Market Cap + Debt) = 26.9 / (26.9 + 9.15) = 0.7462
Weight Cost Debt = 100% - 0.7462 = 0.2538
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) = 0.2
β = 1.06
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 1.06 * 18.88 + 0.91 = 0.2105
WACC = (0.5155 / 9.15) * (100% - 0.7462) * (1 - 0.25) + 0.2105 + 0.7462 = 4.35
Terminal Value = Discount (0.0178 * (1 + -0.2714) / (4.35 - -0.2714)) = 0.0333
Company Value = ∑ (0.0178 / (1 + 4.35) ^ 5) = 0.1673
Price = (Terminal Value + Company Value) / Count shares = (0.0333 + 0.1673) / 1161990000 = 0.1726