HKEX: 1341 - Hao Tian International Construction Investment 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 = -0.0608
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.91 + (0.91 * 9.16% / 100) = 0.9934

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) = 1.08
Ebitda Yield = 0.5204
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 = 0.02
Debt = 0.86
Market Cap = 4.57
Weight Debt = Market Cap / (Market Cap + Debt) = 4.57 / (4.57 + 0.86) = 0.8416
Weight Cost Debt = 100% - 0.8416 = 0.1584
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 = -1.58
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.58 * 18.88 + 0.91 = -0.2867
WACC = (0.02 / 0.86) * (100% - 0.8416) * (1 - 0.25) + -0.2867 + 0.8416 = 1.49
Terminal Value = Discount (1.08 * (1 + 0.5204) / (1.49 - 0.5204)) = 3.02
Company Value = ∑ (1.08 / (1 + 1.49) ^ 5) = 2.62
Price = (Terminal Value + Company Value) / Count shares = (3.02 + 2.62) / 7592000000 = 0.7425

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) = -0.1391
FCF Yield = 0.0661
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 = 0.02
Debt = 0.86
Market Cap = 4.57
Weight Debt = Market Cap / (Market Cap + Debt) = 4.57 / (4.57 + 0.86) = 0.8416
Weight Cost Debt = 100% - 0.8416 = 0.1584
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 = -1.58
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.58 * 18.88 + 0.91 = -0.2867
WACC = (0.02 / 0.86) * (100% - 0.8416) * (1 - 0.25) + -0.2867 + 0.8416 = 1.49
Terminal Value = Discount (-0.1391 * (1 + 0.0661) / (1.49 - 0.0661)) = -2.69
Company Value = ∑ (-0.1391 / (1 + 1.49) ^ 5) = -0.5868
Price = (Terminal Value + Company Value) / Count shares = (-2.69 + -0.5868) / 7592000000 = -0.4315