HKEX: 0542 - TFG International 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 = -0.0251
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.097 + (0.097 * 8.66% / 100) = 0.1054

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) = 0.1796
Ebitda Yield = 0.2216
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 = 0.1473
Debt = 1.5
Market Cap = 1.69
Weight Debt = Market Cap / (Market Cap + Debt) = 1.69 / (1.69 + 1.5) = 0.5298
Weight Cost Debt = 100% - 0.5298 = 0.4702
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 = -1.27
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.27 * 18.88 + 0.91 = -0.2381
WACC = (0.1473 / 1.5) * (100% - 0.5298) * (1 - 0.25) + -0.2381 + 0.5298 = 7.2
Terminal Value = Discount (0.1796 * (1 + 0.2216) / (7.2 - 0.2216)) = 1.04
Company Value = ∑ (0.1796 / (1 + 7.2) ^ 5) = 0.4968
Price = (Terminal Value + Company Value) / Count shares = (1.04 + 0.4968) / 7687160000 = 0.1993

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) = -0.5394
FCF Yield = 0.0551
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 = 0.1473
Debt = 1.5
Market Cap = 1.69
Weight Debt = Market Cap / (Market Cap + Debt) = 1.69 / (1.69 + 1.5) = 0.5298
Weight Cost Debt = 100% - 0.5298 = 0.4702
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 = -1.27
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.27 * 18.88 + 0.91 = -0.2381
WACC = (0.1473 / 1.5) * (100% - 0.5298) * (1 - 0.25) + -0.2381 + 0.5298 = 7.2
Terminal Value = Discount (-0.5394 * (1 + 0.0551) / (7.2 - 0.0551)) = -23.86
Company Value = ∑ (-0.5394 / (1 + 7.2) ^ 5) = -1.97
Price = (Terminal Value + Company Value) / Count shares = (-23.86 + -1.97) / 7687160000 = -3.36