HKEX: 2552 - Hua Medicine (Shanghai) 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 = -0.2154
CAGR EPS = 35.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.96 + (1.96 * 35.14% / 100) = 2.65

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) = -0.0854
Ebitda Yield = -0.1266
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 = 0.0079
Debt = 0.0976
Market Cap = 1.91
Weight Debt = Market Cap / (Market Cap + Debt) = 1.91 / (1.91 + 0.0976) = 0.9514
Weight Cost Debt = 100% - 0.9514 = 0.0486
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 = 1.94
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.94 * 18.88 + 0.91 = 0.3682
WACC = (0.0079 / 0.0976) * (100% - 0.9514) * (1 - 0.25) + 0.3682 + 0.9514 = 6.37
Terminal Value = Discount (-0.0854 * (1 + -0.1266) / (6.37 - -0.1266)) = -0.2879
Company Value = ∑ (-0.0854 / (1 + 6.37) ^ 5) = -0.4835
Price = (Terminal Value + Company Value) / Count shares = (-0.2879 + -0.4835) / 980520000 = -0.7867

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) = 3.03
FCF Yield = 0.2806
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 = 0.0079
Debt = 0.0976
Market Cap = 1.91
Weight Debt = Market Cap / (Market Cap + Debt) = 1.91 / (1.91 + 0.0976) = 0.9514
Weight Cost Debt = 100% - 0.9514 = 0.0486
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 = 1.94
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.94 * 18.88 + 0.91 = 0.3682
WACC = (0.0079 / 0.0976) * (100% - 0.9514) * (1 - 0.25) + 0.3682 + 0.9514 = 6.37
Terminal Value = Discount (3.03 * (1 + 0.2806) / (6.37 - 0.2806)) = 13.13
Company Value = ∑ (3.03 / (1 + 6.37) ^ 5) = 7.94
Price = (Terminal Value + Company Value) / Count shares = (13.13 + 7.94) / 980520000 = 21.49