OTC: KGDEF - Kingdee International Software Group Company 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 = -0.0082
CAGR EPS = -159.5%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -159.5% / 100) = 0.0533

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) = 6.2E-5
Ebitda Yield = -1.26
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 = 0.0031
Debt = 0.7844
Market Cap = 5.51
Weight Debt = Market Cap / (Market Cap + Debt) = 5.51 / (5.51 + 0.7844) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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) = 2.75
β = 0.7123
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7123 * 5.94 + 0 = 0.0698
WACC = (0.0031 / 0.7844) * (100% - 0.8754) * (1 - 0.21) + 0.0698 + 0.8754 = 0.3706
Terminal Value = Discount (6.2E-5 * (1 + -1.26) / (0.3706 - -1.26)) = -1.3E-5
Company Value = ∑ (6.2E-5 / (1 + 0.3706) ^ 5) = 0.0106
Price = (Terminal Value + Company Value) / Count shares = (-1.3E-5 + 0.0106) / 3631350000 = 0.0029

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) = 5.8E-5
FCF Yield = -1.28
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 = 0.0031
Debt = 0.7844
Market Cap = 5.51
Weight Debt = Market Cap / (Market Cap + Debt) = 5.51 / (5.51 + 0.7844) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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) = 2.75
β = 0.7123
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7123 * 5.94 + 0 = 0.0698
WACC = (0.0031 / 0.7844) * (100% - 0.8754) * (1 - 0.21) + 0.0698 + 0.8754 = 0.3706
Terminal Value = Discount (5.8E-5 * (1 + -1.28) / (0.3706 - -1.28)) = -1.2E-5
Company Value = ∑ (5.8E-5 / (1 + 0.3706) ^ 5) = 0.0075
Price = (Terminal Value + Company Value) / Count shares = (-1.2E-5 + 0.0075) / 3631350000 = 0.0021