SSE: 600584 - JCET Group 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 = 0.8222
CAGR EPS = 71.57%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8222 * (1 + 71.57%) / (0.0433 * 2) = 16.29

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
Ebitda Yield = -0.0587
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 = 0.3143
Debt = 6.8
Market Cap = 59.94
Weight Debt = Market Cap / (Market Cap + Debt) = 59.94 / (59.94 + 6.8) = 0.8981
Weight Cost Debt = 100% - 0.8981 = 0.1019
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.05 * 5.94 + 0 = 0.0897
WACC = (0.3143 / 6.8) * (100% - 0.8981) * (1 - 0.21) + 0.0897 + 0.8981 = 3.7
Terminal Value = Discount (2 * (1 + -0.0587) / (3.7 - -0.0587)) = 16.36
Company Value = ∑ (2 / (1 + 3.7) ^ 5) = 10.19
Price = (Terminal Value + Company Value) / Count shares = (16.36 + 10.19) / 1788830000 = 14.85

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) = 3.66
FCF Yield = 0.2283
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 = 0.3143
Debt = 6.8
Market Cap = 59.94
Weight Debt = Market Cap / (Market Cap + Debt) = 59.94 / (59.94 + 6.8) = 0.8981
Weight Cost Debt = 100% - 0.8981 = 0.1019
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.05 * 5.94 + 0 = 0.0897
WACC = (0.3143 / 6.8) * (100% - 0.8981) * (1 - 0.21) + 0.0897 + 0.8981 = 3.7
Terminal Value = Discount (3.66 * (1 + 0.2283) / (3.7 - 0.2283)) = 19.59
Company Value = ∑ (3.66 / (1 + 3.7) ^ 5) = 11.19
Price = (Terminal Value + Company Value) / Count shares = (19.59 + 11.19) / 1788830000 = 17.2