OTC: SURRF - Sun Art Retail Group 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 = 0.0016
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.168 + (0.168 * 8.66% / 100) = 0.1825

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) = 13.14
Ebitda Yield = 0.2399
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 = 0.433
Debt = 7.71
Market Cap = 2.44
Weight Debt = Market Cap / (Market Cap + Debt) = 2.44 / (2.44 + 7.71) = 0.2404
Weight Cost Debt = 100% - 0.2404 = 0.7596
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 = 4.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.71 * 5.94 + 0 = 0.31
WACC = (0.433 / 7.71) * (100% - 0.2404) * (1 - 0.21) + 0.31 + 0.2404 = 4.5
Terminal Value = Discount (13.14 * (1 + 0.2399) / (4.5 - 0.2399)) = 67.11
Company Value = ∑ (13.14 / (1 + 4.5) ^ 5) = 38.57
Price = (Terminal Value + Company Value) / Count shares = (67.11 + 38.57) / 9539700000 = 11.08

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) = 13.4
FCF Yield = 0.2765
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 = 0.433
Debt = 7.71
Market Cap = 2.44
Weight Debt = Market Cap / (Market Cap + Debt) = 2.44 / (2.44 + 7.71) = 0.2404
Weight Cost Debt = 100% - 0.2404 = 0.7596
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 = 4.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.71 * 5.94 + 0 = 0.31
WACC = (0.433 / 7.71) * (100% - 0.2404) * (1 - 0.21) + 0.31 + 0.2404 = 4.5
Terminal Value = Discount (13.4 * (1 + 0.2765) / (4.5 - 0.2765)) = 59.31
Company Value = ∑ (13.4 / (1 + 4.5) ^ 5) = 37.5
Price = (Terminal Value + Company Value) / Count shares = (59.31 + 37.5) / 9539700000 = 10.15