OTC: XIACF - Xiaomi Corporation

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 = 0.69
CAGR EPS = 7.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.43 + (4.43 * 7.53% / 100) = 4.76

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) = 67.29
Ebitda Yield = 0.1883
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 = 1.56
Debt = 28.57
Market Cap = 37.55
Weight Debt = Market Cap / (Market Cap + Debt) = 37.55 / (37.55 + 28.57) = 0.5679
Weight Cost Debt = 100% - 0.5679 = 0.4321
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) = 2.82
β = -11.45
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -11.45 * 5.94 + 0 = -0.652
WACC = (1.56 / 28.57) * (100% - 0.5679) * (1 - 0.21) + -0.652 + 0.5679 = 3.91
Terminal Value = Discount (67.29 * (1 + 0.1883) / (3.91 - 0.1883)) = 442.46
Company Value = ∑ (67.29 / (1 + 3.91) ^ 5) = 216.24
Price = (Terminal Value + Company Value) / Count shares = (442.46 + 216.24) / 25324990000 = 26.01

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) = 54.23
FCF Yield = 0.0913
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 = 1.56
Debt = 28.57
Market Cap = 37.55
Weight Debt = Market Cap / (Market Cap + Debt) = 37.55 / (37.55 + 28.57) = 0.5679
Weight Cost Debt = 100% - 0.5679 = 0.4321
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) = 2.82
β = -11.45
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -11.45 * 5.94 + 0 = -0.652
WACC = (1.56 / 28.57) * (100% - 0.5679) * (1 - 0.21) + -0.652 + 0.5679 = 3.91
Terminal Value = Discount (54.23 * (1 + 0.0913) / (3.91 - 0.0913)) = 935.22
Company Value = ∑ (54.23 / (1 + 3.91) ^ 5) = 203.42
Price = (Terminal Value + Company Value) / Count shares = (935.22 + 203.42) / 25324990000 = 44.96