SSE: 600460 - Hangzhou Silan Microelectronics Co., Ltd

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 = -0.0215
CAGR EPS = -214.14%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -214.14% / 100) = 0.268

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) = 3.85
Ebitda Yield = 0.2311
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 = 0.2911
Debt = 5.45
Market Cap = 42.98
Weight Debt = Market Cap / (Market Cap + Debt) = 42.98 / (42.98 + 5.45) = 0.8875
Weight Cost Debt = 100% - 0.8875 = 0.1125
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 = 0.7779
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7779 * 5.94 + 0 = 0.0737
WACC = (0.2911 / 5.45) * (100% - 0.8875) * (1 - 0.21) + 0.0737 + 0.8875 = 4.25
Terminal Value = Discount (3.85 * (1 + 0.2311) / (4.25 - 0.2311)) = 20.39
Company Value = ∑ (3.85 / (1 + 4.25) ^ 5) = 11.51
Price = (Terminal Value + Company Value) / Count shares = (20.39 + 11.51) / 1664070000 = 19.17

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) = -0.982
FCF Yield = 0.041
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 = 0.2911
Debt = 5.45
Market Cap = 42.98
Weight Debt = Market Cap / (Market Cap + Debt) = 42.98 / (42.98 + 5.45) = 0.8875
Weight Cost Debt = 100% - 0.8875 = 0.1125
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 = 0.7779
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7779 * 5.94 + 0 = 0.0737
WACC = (0.2911 / 5.45) * (100% - 0.8875) * (1 - 0.21) + 0.0737 + 0.8875 = 4.25
Terminal Value = Discount (-0.982 * (1 + 0.041) / (4.25 - 0.041)) = -570.83
Company Value = ∑ (-0.982 / (1 + 4.25) ^ 5) = -4
Price = (Terminal Value + Company Value) / Count shares = (-570.83 + -4) / 1664070000 = -345.44