HKEX: 6878 - Differ Group Auto 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 = -2.55
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0855 + (0.0855 * 8.66% / 100) = 0.0929

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) = 0.000138
Ebitda Yield = -1.32
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 = 0.0261
Debt = 1.46
Market Cap = 0.6289
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6289 / (0.6289 + 1.46) = 0.3011
Weight Cost Debt = 100% - 0.3011 = 0.6989
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 = -1.18
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.18 * 18.88 + 0.91 = -0.2209
WACC = (0.0261 / 1.46) * (100% - 0.3011) * (1 - 0.25) + -0.2209 + 0.3011 = 1.27
Terminal Value = Discount (0.000138 * (1 + -1.32) / (1.27 - -1.32)) = -3.1E-5
Company Value = ∑ (0.000138 / (1 + 1.27) ^ 5) = 0.0098
Price = (Terminal Value + Company Value) / Count shares = (-3.1E-5 + 0.0098) / 7208390000 = 0.0014

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) = 0.9433
FCF Yield = -2.02
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 = 0.0261
Debt = 1.46
Market Cap = 0.6289
Weight Debt = Market Cap / (Market Cap + Debt) = 0.6289 / (0.6289 + 1.46) = 0.3011
Weight Cost Debt = 100% - 0.3011 = 0.6989
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 = -1.18
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.18 * 18.88 + 0.91 = -0.2209
WACC = (0.0261 / 1.46) * (100% - 0.3011) * (1 - 0.25) + -0.2209 + 0.3011 = 1.27
Terminal Value = Discount (0.9433 * (1 + -2.02) / (1.27 - -2.02)) = -0.4437
Company Value = ∑ (0.9433 / (1 + 1.27) ^ 5) = 0.8788
Price = (Terminal Value + Company Value) / Count shares = (-0.4437 + 0.8788) / 7208390000 = 0.0604