HKEX: 0673 - China Health 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 = -0.0845
CAGR EPS = 53.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6235 + (0.6235 * 53.25% / 100) = 0.9555

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) = -0.0975
Ebitda Yield = 0.137
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 = 0.000327
Debt = 0.0057
Market Cap = 0.3397
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3397 / (0.3397 + 0.0057) = 0.9836
Weight Cost Debt = 100% - 0.9836 = 0.0164
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 = -2.22
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -2.22 * 18.88 + 0.91 = -0.4163
WACC = (0.000327 / 0.0057) * (100% - 0.9836) * (1 - 0.25) + -0.4163 + 0.9836 = 3.88
Terminal Value = Discount (-0.0975 * (1 + 0.137) / (3.88 - 0.137)) = -0.934
Company Value = ∑ (-0.0975 / (1 + 3.88) ^ 5) = -0.3392
Price = (Terminal Value + Company Value) / Count shares = (-0.934 + -0.3392) / 475460000 = -2.68

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) = -0.003
FCF Yield = -0.1634
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 = 0.000327
Debt = 0.0057
Market Cap = 0.3397
Weight Debt = Market Cap / (Market Cap + Debt) = 0.3397 / (0.3397 + 0.0057) = 0.9836
Weight Cost Debt = 100% - 0.9836 = 0.0164
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 = -2.22
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -2.22 * 18.88 + 0.91 = -0.4163
WACC = (0.000327 / 0.0057) * (100% - 0.9836) * (1 - 0.25) + -0.4163 + 0.9836 = 3.88
Terminal Value = Discount (-0.003 * (1 + -0.1634) / (3.88 - -0.1634)) = -0.0102
Company Value = ∑ (-0.003 / (1 + 3.88) ^ 5) = -0.0198
Price = (Terminal Value + Company Value) / Count shares = (-0.0102 + -0.0198) / 475460000 = -0.0631