NYSE: FUTU - Futu Holdings 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 = 30.59
CAGR EPS = 79.1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 70.62 + (70.62 * 79.1% / 100) = 126.48

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) = 68.04
Ebitda Yield = 0.6738
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 = 0.0375
Debt = 5.89
Market Cap = 6.72
Weight Debt = Market Cap / (Market Cap + Debt) = 6.72 / (6.72 + 5.89) = 0.5329
Weight Cost Debt = 100% - 0.5329 = 0.4671
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 = 3.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 3.2 * 5.94 + 0 = 0.2159
WACC = (0.0375 / 5.89) * (100% - 0.5329) * (1 - 0.21) + 0.2159 + 0.5329 = 0.6154
Terminal Value = Discount (68.04 * (1 + 0.6738) / (0.6154 - 0.6738)) = 165.41
Company Value = ∑ (68.04 / (1 + 0.6154) ^ 5) = 152.43
Price = (Terminal Value + Company Value) / Count shares = (165.41 + 152.43) / 139960000 = 2270.97

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) = 2.46
FCF Yield = -1.83
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 = 0.0375
Debt = 5.89
Market Cap = 6.72
Weight Debt = Market Cap / (Market Cap + Debt) = 6.72 / (6.72 + 5.89) = 0.5329
Weight Cost Debt = 100% - 0.5329 = 0.4671
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 = 3.2
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 3.2 * 5.94 + 0 = 0.2159
WACC = (0.0375 / 5.89) * (100% - 0.5329) * (1 - 0.21) + 0.2159 + 0.5329 = 0.6154
Terminal Value = Discount (2.46 * (1 + -1.83) / (0.6154 - -1.83)) = -1.08
Company Value = ∑ (2.46 / (1 + 0.6154) ^ 5) = 3.97
Price = (Terminal Value + Company Value) / Count shares = (-1.08 + 3.97) / 139960000 = 20.66