HKEX: 1085 - Hengxin Technology Ltd.

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 = 0.1796
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.34 + (1.34 * 8.66% / 100) = 1.45

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) = 0.4577
Ebitda Yield = 0.1078
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 = 0.031
Debt = 0.2353
Market Cap = 0.7915
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7915 / (0.7915 + 0.2353) = 0.7708
Weight Cost Debt = 100% - 0.7708 = 0.2292
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 = 1.47
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.47 * 18.88 + 0.91 = 0.2794
WACC = (0.031 / 0.2353) * (100% - 0.7708) * (1 - 0.25) + 0.2794 + 0.7708 = 10.02
Terminal Value = Discount (0.4577 * (1 + 0.1078) / (10.02 - 0.1078)) = 41.55
Company Value = ∑ (0.4577 / (1 + 10.02) ^ 5) = 1.4
Price = (Terminal Value + Company Value) / Count shares = (41.55 + 1.4) / 388000000 = 110.69

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) = 0.8721
FCF Yield = 0.265
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 = 0.031
Debt = 0.2353
Market Cap = 0.7915
Weight Debt = Market Cap / (Market Cap + Debt) = 0.7915 / (0.7915 + 0.2353) = 0.7708
Weight Cost Debt = 100% - 0.7708 = 0.2292
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 = 1.47
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.47 * 18.88 + 0.91 = 0.2794
WACC = (0.031 / 0.2353) * (100% - 0.7708) * (1 - 0.25) + 0.2794 + 0.7708 = 10.02
Terminal Value = Discount (0.8721 * (1 + 0.265) / (10.02 - 0.265)) = 4.15
Company Value = ∑ (0.8721 / (1 + 10.02) ^ 5) = 2.09
Price = (Terminal Value + Company Value) / Count shares = (4.15 + 2.09) / 388000000 = 16.08