SSE: 600398 - Hla Group Corp., Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.6738
CAGR EPS = -1.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6738 * (1 + -1.49%) / (0.0433 * 2) = 7.66

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) = 2.35
Ebitda Yield = -0.0607
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 = 0.2234
Debt = 3.48
Market Cap = 28.55
Weight Debt = Market Cap / (Market Cap + Debt) = 28.55 / (28.55 + 3.48) = 0.8914
Weight Cost Debt = 100% - 0.8914 = 0.1086
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 = 1.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.84 * 5.94 + 0 = 0.1373
WACC = (0.2234 / 3.48) * (100% - 0.8914) * (1 - 0.21) + 0.1373 + 0.8914 = 5.15
Terminal Value = Discount (2.35 * (1 + -0.0607) / (5.15 - -0.0607)) = 15.29
Company Value = ∑ (2.35 / (1 + 5.15) ^ 5) = 11.59
Price = (Terminal Value + Company Value) / Count shares = (15.29 + 11.59) / 4381000000 = 6.13

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) = 6.81
FCF Yield = 0.0816
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 = 0.2234
Debt = 3.48
Market Cap = 28.55
Weight Debt = Market Cap / (Market Cap + Debt) = 28.55 / (28.55 + 3.48) = 0.8914
Weight Cost Debt = 100% - 0.8914 = 0.1086
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 = 1.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.84 * 5.94 + 0 = 0.1373
WACC = (0.2234 / 3.48) * (100% - 0.8914) * (1 - 0.21) + 0.1373 + 0.8914 = 5.15
Terminal Value = Discount (6.81 * (1 + 0.0816) / (5.15 - 0.0816)) = 190.08
Company Value = ∑ (6.81 / (1 + 5.15) ^ 5) = 25.06
Price = (Terminal Value + Company Value) / Count shares = (190.08 + 25.06) / 4381000000 = 49.11