HKEX: 6622 - Zhaoke Ophthalmology Limited

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 = -0.705
CAGR EPS = 22.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.82 + (1.82 * 22.61% / 100) = 2.23

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) = -1.36
Ebitda Yield = 0.2982
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 = 0.1319
Market Cap = 1.94
Weight Debt = Market Cap / (Market Cap + Debt) = 1.94 / (1.94 + 0.1319) = 0.9363
Weight Cost Debt = 100% - 0.9363 = 0.0637
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 = 2.14
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 2.14 * 18.88 + 0.91 = 0.4065
WACC = (0.0079 / 0.1319) * (100% - 0.9363) * (1 - 0.25) + 0.4065 + 0.9363 = 4.84
Terminal Value = Discount (-1.36 * (1 + 0.2982) / (4.84 - 0.2982)) = -5.58
Company Value = ∑ (-1.36 / (1 + 4.84) ^ 5) = -3.67
Price = (Terminal Value + Company Value) / Count shares = (-5.58 + -3.67) / 546140000 = -16.94

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) = -1.63
FCF Yield = 0.3125
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 = 0.1319
Market Cap = 1.94
Weight Debt = Market Cap / (Market Cap + Debt) = 1.94 / (1.94 + 0.1319) = 0.9363
Weight Cost Debt = 100% - 0.9363 = 0.0637
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 = 2.14
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 2.14 * 18.88 + 0.91 = 0.4065
WACC = (0.0079 / 0.1319) * (100% - 0.9363) * (1 - 0.25) + 0.4065 + 0.9363 = 4.84
Terminal Value = Discount (-1.63 * (1 + 0.3125) / (4.84 - 0.3125)) = -6.4
Company Value = ∑ (-1.63 / (1 + 4.84) ^ 5) = -4.32
Price = (Terminal Value + Company Value) / Count shares = (-6.4 + -4.32) / 546140000 = -19.63