HKEX: 6160 - BeiGene, 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 = -0.06
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 126 + (126 * 8.66% / 100) = 136.91

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) = -2.59
Ebitda Yield = 0.0929
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
Debt = 1.02
Market Cap = 164.46
Weight Debt = Market Cap / (Market Cap + Debt) = 164.46 / (164.46 + 1.02) = 0.9938
Weight Cost Debt = 100% - 0.9938 = 0.0062
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 = 1.55
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.55 * 18.88 + 0.91 = 0.2947
WACC = (0 / 1.02) * (100% - 0.9938) * (1 - 0.25) + 0.2947 + 0.9938 = 0.2929
Terminal Value = Discount (-2.59 * (1 + 0.0929) / (0.2929 - 0.0929)) = -30.99
Company Value = ∑ (-2.59 / (1 + 0.2929) ^ 5) = -10.82
Price = (Terminal Value + Company Value) / Count shares = (-30.99 + -10.82) / 1384840000 = -30.19

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) = -0.3538
FCF Yield = -0.1201
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
Debt = 1.02
Market Cap = 164.46
Weight Debt = Market Cap / (Market Cap + Debt) = 164.46 / (164.46 + 1.02) = 0.9938
Weight Cost Debt = 100% - 0.9938 = 0.0062
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 = 1.55
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.55 * 18.88 + 0.91 = 0.2947
WACC = (0 / 1.02) * (100% - 0.9938) * (1 - 0.25) + 0.2947 + 0.9938 = 0.2929
Terminal Value = Discount (-0.3538 * (1 + -0.1201) / (0.2929 - -0.1201)) = -2.49
Company Value = ∑ (-0.3538 / (1 + 0.2929) ^ 5) = -2.3
Price = (Terminal Value + Company Value) / Count shares = (-2.49 + -2.3) / 1384840000 = -3.46