HKEX: 1672 - Ascletis Pharma Inc.

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 = -0.1388
CAGR EPS = 68.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.98 + (2.98 * 68.23% / 100) = 5.01

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) = -1.22
Ebitda Yield = 0.3376
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 = 0.000144
Debt = 0.0042
Market Cap = 1.89
Weight Debt = Market Cap / (Market Cap + Debt) = 1.89 / (1.89 + 0.0042) = 0.9978
Weight Cost Debt = 100% - 0.9978 = 0.0022
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) = 0.5
β = 22.11
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 22.11 * 18.88 + 0.91 = 4.19
WACC = (0.000144 / 0.0042) * (100% - 0.9978) * (1 - 0.25) + 4.19 + 0.9978 = 6.72
Terminal Value = Discount (-1.22 * (1 + 0.3376) / (6.72 - 0.3376)) = -4.35
Company Value = ∑ (-1.22 / (1 + 6.72) ^ 5) = -2.95
Price = (Terminal Value + Company Value) / Count shares = (-4.35 + -2.95) / 1042720000 = -7

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) = -0.2377
FCF Yield = 0.078
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 = 0.000144
Debt = 0.0042
Market Cap = 1.89
Weight Debt = Market Cap / (Market Cap + Debt) = 1.89 / (1.89 + 0.0042) = 0.9978
Weight Cost Debt = 100% - 0.9978 = 0.0022
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) = 0.5
β = 22.11
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 22.11 * 18.88 + 0.91 = 4.19
WACC = (0.000144 / 0.0042) * (100% - 0.9978) * (1 - 0.25) + 4.19 + 0.9978 = 6.72
Terminal Value = Discount (-0.2377 * (1 + 0.078) / (6.72 - 0.078)) = -17.22
Company Value = ∑ (-0.2377 / (1 + 6.72) ^ 5) = -0.8416
Price = (Terminal Value + Company Value) / Count shares = (-17.22 + -0.8416) / 1042720000 = -17.32