HKEX: 2315 - Biocytogen Pharmaceuticals (Beijing) Co., 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 = -0.9616
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.61 + (8.61 * 8.66% / 100) = 9.36

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) = 2.08
Ebitda Yield = 0.2374
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 = 0.0998
Debt = 0.4153
Market Cap = 11.39
Weight Debt = Market Cap / (Market Cap + Debt) = 11.39 / (11.39 + 0.4153) = 0.9648
Weight Cost Debt = 100% - 0.9648 = 0.0352
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 = 1.93
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 1.93 * 18.88 + 0.91 = 0.3792
WACC = (0.0998 / 0.4153) * (100% - 0.9648) * (1 - 0.25) + 0.3792 + 0.9648 = 18.22
Terminal Value = Discount (2.08 * (1 + 0.2374) / (18.22 - 0.2374)) = 20.2
Company Value = ∑ (2.08 / (1 + 18.22) ^ 5) = 4.12
Price = (Terminal Value + Company Value) / Count shares = (20.2 + 4.12) / 398250000 = 61.06

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) = -0.0796
FCF Yield = -0.171
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 = 0.0998
Debt = 0.4153
Market Cap = 11.39
Weight Debt = Market Cap / (Market Cap + Debt) = 11.39 / (11.39 + 0.4153) = 0.9648
Weight Cost Debt = 100% - 0.9648 = 0.0352
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 = 1.93
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 1.93 * 18.88 + 0.91 = 0.3792
WACC = (0.0998 / 0.4153) * (100% - 0.9648) * (1 - 0.25) + 0.3792 + 0.9648 = 18.22
Terminal Value = Discount (-0.0796 * (1 + -0.171) / (18.22 - -0.171)) = -0.0809
Company Value = ∑ (-0.0796 / (1 + 18.22) ^ 5) = -0.3962
Price = (Terminal Value + Company Value) / Count shares = (-0.0809 + -0.3962) / 398250000 = -1.2