HKEX: 0863 - BC Technology 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 = -0.6018
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.14 + (8.14 * 8.66% / 100) = 8.84

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) = -1.81
Ebitda Yield = 0.3126
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 = 0.0076
Debt = 0.1398
Market Cap = 0.7147
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7147 / (0.7147 + 0.1398) = 0.8364
Weight Cost Debt = 100% - 0.8364 = 0.1636
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 = 0.9213
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.9213 * 18.88 + 0.91 = 0.176
WACC = (0.0076 / 0.1398) * (100% - 0.8364) * (1 - 0.25) + 0.176 + 0.8364 = 4.19
Terminal Value = Discount (-1.81 * (1 + 0.3126) / (4.19 - 0.3126)) = -7.17
Company Value = ∑ (-1.81 / (1 + 4.19) ^ 5) = -4.91
Price = (Terminal Value + Company Value) / Count shares = (-7.17 + -4.91) / 438450000 = -27.54

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) = -1.72
FCF Yield = 0.2023
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 = 0.0076
Debt = 0.1398
Market Cap = 0.7147
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7147 / (0.7147 + 0.1398) = 0.8364
Weight Cost Debt = 100% - 0.8364 = 0.1636
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 = 0.9213
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.9213 * 18.88 + 0.91 = 0.176
WACC = (0.0076 / 0.1398) * (100% - 0.8364) * (1 - 0.25) + 0.176 + 0.8364 = 4.19
Terminal Value = Discount (-1.72 * (1 + 0.2023) / (4.19 - 0.2023)) = -10.53
Company Value = ∑ (-1.72 / (1 + 4.19) ^ 5) = -5.38
Price = (Terminal Value + Company Value) / Count shares = (-10.53 + -5.38) / 438450000 = -36.29