HKEX: 2098 - Zall Smart Commerce Group Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.0041
CAGR EPS = -14.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0041 * (1 + -14.13%) / (0.0433 * 2) = 0.0407

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) = 1.3
Ebitda Yield = 0.0865
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 = 0.4058
Debt = 18.27
Market Cap = 3.91
Weight Debt = Market Cap / (Market Cap + Debt) = 3.91 / (3.91 + 18.27) = 0.1763
Weight Cost Debt = 100% - 0.1763 = 0.8237
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 = -0.0677
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.0677 * 18.88 + 0.91 = -0.0107
WACC = (0.4058 / 18.27) * (100% - 0.1763) * (1 - 0.25) + -0.0107 + 0.1763 = 1.66
Terminal Value = Discount (1.3 * (1 + 0.0865) / (1.66 - 0.0865)) = 18.59
Company Value = ∑ (1.3 / (1 + 1.66) ^ 5) = 5.26
Price = (Terminal Value + Company Value) / Count shares = (18.59 + 5.26) / 12399510000 = 1.92

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) = 36.22
FCF Yield = 0.7984
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 = 0.4058
Debt = 18.27
Market Cap = 3.91
Weight Debt = Market Cap / (Market Cap + Debt) = 3.91 / (3.91 + 18.27) = 0.1763
Weight Cost Debt = 100% - 0.1763 = 0.8237
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 = -0.0677
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.0677 * 18.88 + 0.91 = -0.0107
WACC = (0.4058 / 18.27) * (100% - 0.1763) * (1 - 0.25) + -0.0107 + 0.1763 = 1.66
Terminal Value = Discount (36.22 * (1 + 0.7984) / (1.66 - 0.7984)) = 76.74
Company Value = ∑ (36.22 / (1 + 1.66) ^ 5) = 72.31
Price = (Terminal Value + Company Value) / Count shares = (76.74 + 72.31) / 12399510000 = 12.02