NASDAQ: THCH - TH International 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 = -5.68
CAGR EPS = 55.62%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.28 + (1.28 * 55.62% / 100) = 1.99

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) = -1.46
Ebitda Yield = 0.2992
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 = 0.0204
Debt = 1.17
Market Cap = 0.4041
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4041 / (0.4041 + 1.17) = 0.2575
Weight Cost Debt = 100% - 0.2575 = 0.7425
Tax = 0.21
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) = 2.6
β = -0.6143
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.6143 * 5.94 + 0 = -0.0105
WACC = (0.0204 / 1.17) * (100% - 0.2575) * (1 - 0.21) + -0.0105 + 0.2575 = 1.38
Terminal Value = Discount (-1.46 * (1 + 0.2992) / (1.38 - 0.2992)) = -6.19
Company Value = ∑ (-1.46 / (1 + 1.38) ^ 5) = -4.4
Price = (Terminal Value + Company Value) / Count shares = (-6.19 + -4.4) / 154240000 = -68.62

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) = -1.42
FCF 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 = 0.0204
Debt = 1.17
Market Cap = 0.4041
Weight Debt = Market Cap / (Market Cap + Debt) = 0.4041 / (0.4041 + 1.17) = 0.2575
Weight Cost Debt = 100% - 0.2575 = 0.7425
Tax = 0.21
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) = 2.6
β = -0.6143
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.6143 * 5.94 + 0 = -0.0105
WACC = (0.0204 / 1.17) * (100% - 0.2575) * (1 - 0.21) + -0.0105 + 0.2575 = 1.38
Terminal Value = Discount (-1.42 * (1 + 0.2374) / (1.38 - 0.2374)) = -7.32
Company Value = ∑ (-1.42 / (1 + 1.38) ^ 5) = -4.62
Price = (Terminal Value + Company Value) / Count shares = (-7.32 + -4.62) / 154240000 = -77.44