HKEX: 1873 - Viva Biotech Holdings

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 = -0.0542
CAGR EPS = -179.55%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -179.55% / 100) = 0.498

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) = 0.0149
Ebitda Yield = -1.72
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 = 0.1766
Debt = 2.82
Market Cap = 3.08
Weight Debt = Market Cap / (Market Cap + Debt) = 3.08 / (3.08 + 2.82) = 0.522
Weight Cost Debt = 100% - 0.522 = 0.478
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 = 4.25
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 4.25 * 18.88 + 0.91 = 0.8136
WACC = (0.1766 / 2.82) * (100% - 0.522) * (1 - 0.25) + 0.8136 + 0.522 = 5.1
Terminal Value = Discount (0.0149 * (1 + -1.72) / (5.1 - -1.72)) = -0.0047
Company Value = ∑ (0.0149 / (1 + 5.1) ^ 5) = 0.0366
Price = (Terminal Value + Company Value) / Count shares = (-0.0047 + 0.0366) / 2141770000 = 0.0149

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) = 1.83
FCF Yield = 0.5632
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 = 0.1766
Debt = 2.82
Market Cap = 3.08
Weight Debt = Market Cap / (Market Cap + Debt) = 3.08 / (3.08 + 2.82) = 0.522
Weight Cost Debt = 100% - 0.522 = 0.478
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 = 4.25
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 4.25 * 18.88 + 0.91 = 0.8136
WACC = (0.1766 / 2.82) * (100% - 0.522) * (1 - 0.25) + 0.8136 + 0.522 = 5.1
Terminal Value = Discount (1.83 * (1 + 0.5632) / (5.1 - 0.5632)) = 4.34
Company Value = ∑ (1.83 / (1 + 5.1) ^ 5) = 3.75
Price = (Terminal Value + Company Value) / Count shares = (4.34 + 3.75) / 2141770000 = 3.78