SSE: 600422 - KPC Pharmaceuticals, Inc.

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 = 0.5867
CAGR EPS = -0.2383%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5867 * (1 + -0.2383%) / (0.0433 * 2) = 6.76

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) = 0.4389
Ebitda Yield = -0.0415
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 = 0.0193
Debt = 0.8628
Market Cap = 15.44
Weight Debt = Market Cap / (Market Cap + Debt) = 15.44 / (15.44 + 0.8628) = 0.9471
Weight Cost Debt = 100% - 0.9471 = 0.0529
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) = 2.89
β = -1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.3 * 5.94 + 0 = -0.0485
WACC = (0.0193 / 0.8628) * (100% - 0.9471) * (1 - 0.21) + -0.0485 + 0.9471 = 1.71
Terminal Value = Discount (0.4389 * (1 + -0.0415) / (1.71 - -0.0415)) = 6.6
Company Value = ∑ (0.4389 / (1 + 1.71) ^ 5) = 2.28
Price = (Terminal Value + Company Value) / Count shares = (6.6 + 2.28) / 757990000 = 11.71

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) = 0.818
FCF Yield = 0.23
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 = 0.0193
Debt = 0.8628
Market Cap = 15.44
Weight Debt = Market Cap / (Market Cap + Debt) = 15.44 / (15.44 + 0.8628) = 0.9471
Weight Cost Debt = 100% - 0.9471 = 0.0529
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) = 2.89
β = -1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.3 * 5.94 + 0 = -0.0485
WACC = (0.0193 / 0.8628) * (100% - 0.9471) * (1 - 0.21) + -0.0485 + 0.9471 = 1.71
Terminal Value = Discount (0.818 * (1 + 0.23) / (1.71 - 0.23)) = 4.34
Company Value = ∑ (0.818 / (1 + 1.71) ^ 5) = 2.66
Price = (Terminal Value + Company Value) / Count shares = (4.34 + 2.66) / 757990000 = 9.24