SSE: 600487 - Hengtong Optic-Electric Co., 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 = 0.8731
CAGR EPS = 4.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8731 * (1 + 4.06%) / (0.0433 * 2) = 10.49

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) = 1.56
Ebitda Yield = -0.0627
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 = 0.5779
Debt = 13.48
Market Cap = 36.88
Weight Debt = Market Cap / (Market Cap + Debt) = 36.88 / (36.88 + 13.48) = 0.7323
Weight Cost Debt = 100% - 0.7323 = 0.2677
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 = -3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.5 * 5.94 + 0 = -0.1792
WACC = (0.5779 / 13.48) * (100% - 0.7323) * (1 - 0.21) + -0.1792 + 0.7323 = 3.23
Terminal Value = Discount (1.56 * (1 + -0.0627) / (3.23 - -0.0627)) = 13.15
Company Value = ∑ (1.56 / (1 + 3.23) ^ 5) = 8.16
Price = (Terminal Value + Company Value) / Count shares = (13.15 + 8.16) / 2466730000 = 8.64

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) = -0.0487
FCF Yield = -0.278
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 = 0.5779
Debt = 13.48
Market Cap = 36.88
Weight Debt = Market Cap / (Market Cap + Debt) = 36.88 / (36.88 + 13.48) = 0.7323
Weight Cost Debt = 100% - 0.7323 = 0.2677
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 = -3.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.5 * 5.94 + 0 = -0.1792
WACC = (0.5779 / 13.48) * (100% - 0.7323) * (1 - 0.21) + -0.1792 + 0.7323 = 3.23
Terminal Value = Discount (-0.0487 * (1 + -0.278) / (3.23 - -0.278)) = -0.0967
Company Value = ∑ (-0.0487 / (1 + 3.23) ^ 5) = -0.4813
Price = (Terminal Value + Company Value) / Count shares = (-0.0967 + -0.4813) / 2466730000 = -0.2344