NYSE: COE - China Online Education Group

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 = -2.64
CAGR EPS = 15.8%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.89 + (13.89 * 15.8% / 100) = 16.09

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) = -0.0041
Ebitda Yield = -0.2121
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 = 0.03
Debt = 0.000631
Market Cap = 0.0428
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0428 / (0.0428 + 0.000631) = 0.9855
Weight Cost Debt = 100% - 0.9855 = 0.0145
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) = 3
β = 0.4242
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4242 * 5.94 + 0 = 0.0552
WACC = (0.03 / 0.000631) * (100% - 0.9855) * (1 - 0.21) + 0.0552 + 0.9855 = 3718.98
Terminal Value = Discount (-0.0041 * (1 + -0.2121) / (3718.98 - -0.2121)) = 0
Company Value = ∑ (-0.0041 / (1 + 3718.98) ^ 5) = -0.000286
Price = (Terminal Value + Company Value) / Count shares = (0 + -0.000286) / 5680000 = -0.0503

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
FCF Yield = -0.6127
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 = 0.03
Debt = 0.000631
Market Cap = 0.0428
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0428 / (0.0428 + 0.000631) = 0.9855
Weight Cost Debt = 100% - 0.9855 = 0.0145
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) = 3
β = 0.4242
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4242 * 5.94 + 0 = 0.0552
WACC = (0.03 / 0.000631) * (100% - 0.9855) * (1 - 0.21) + 0.0552 + 0.9855 = 3718.98
Terminal Value = Discount (0 * (1 + -0.6127) / (3718.98 - -0.6127)) = 0
Company Value = ∑ (0 / (1 + 3718.98) ^ 5) = 0
Price = (Terminal Value + Company Value) / Count shares = (0 + 0) / 5680000 = 0.000491