SSE: 600637 - Oriental Pearl 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 = 0.1763
CAGR EPS = -21.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1763 * (1 + -21.68%) / (0.0433 * 2) = 1.59

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) = 0.0886
Ebitda Yield = -0.2848
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 = 0.0611
Debt = 2.67
Market Cap = 27.32
Weight Debt = Market Cap / (Market Cap + Debt) = 27.32 / (27.32 + 2.67) = 0.911
Weight Cost Debt = 100% - 0.911 = 0.089
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) = 3
β = 0.6005
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.6005 * 5.94 + 0 = 0.0657
WACC = (0.0611 / 2.67) * (100% - 0.911) * (1 - 0.21) + 0.0657 + 0.911 = 1.85
Terminal Value = Discount (0.0886 * (1 + -0.2848) / (1.85 - -0.2848)) = 0.1905
Company Value = ∑ (0.0886 / (1 + 1.85) ^ 5) = 0.9255
Price = (Terminal Value + Company Value) / Count shares = (0.1905 + 0.9255) / 3414500000 = 0.3268

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) = 0.0458
FCF Yield = -0.2414
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 = 0.0611
Debt = 2.67
Market Cap = 27.32
Weight Debt = Market Cap / (Market Cap + Debt) = 27.32 / (27.32 + 2.67) = 0.911
Weight Cost Debt = 100% - 0.911 = 0.089
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) = 3
β = 0.6005
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.6005 * 5.94 + 0 = 0.0657
WACC = (0.0611 / 2.67) * (100% - 0.911) * (1 - 0.21) + 0.0657 + 0.911 = 1.85
Terminal Value = Discount (0.0458 * (1 + -0.2414) / (1.85 - -0.2414)) = 0.122
Company Value = ∑ (0.0458 / (1 + 1.85) ^ 5) = 0.4102
Price = (Terminal Value + Company Value) / Count shares = (0.122 + 0.4102) / 3414500000 = 0.1559