SSE: 600703 - Sanan Optoelectronics 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 = 0.0735
CAGR EPS = -25.42%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.0735 * (1 + -25.42%) / (0.0458 * 2) = 0.5982

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) = 0.3513
Ebitda Yield = -0.1794
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 = 0.3225
Debt = 9.79
Market Cap = 84.41
Weight Debt = Market Cap / (Market Cap + Debt) = 84.41 / (84.41 + 9.79) = 0.8961
Weight Cost Debt = 100% - 0.8961 = 0.1039
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 = 0.4352
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4352 * 5.94 + 0 = 0.0534
WACC = (0.3225 / 9.79) * (100% - 0.8961) * (1 - 0.21) + 0.0534 + 0.8961 = 2.63
Terminal Value = Discount (0.3513 * (1 + -0.1794) / (2.63 - -0.1794)) = 1.23
Company Value = ∑ (0.3513 / (1 + 2.63) ^ 5) = 2.54
Price = (Terminal Value + Company Value) / Count shares = (1.23 + 2.54) / 4989020000 = 0.7551

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) = 9.36
FCF Yield = 0.4452
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 = 0.3225
Debt = 9.79
Market Cap = 84.41
Weight Debt = Market Cap / (Market Cap + Debt) = 84.41 / (84.41 + 9.79) = 0.8961
Weight Cost Debt = 100% - 0.8961 = 0.1039
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 = 0.4352
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4352 * 5.94 + 0 = 0.0534
WACC = (0.3225 / 9.79) * (100% - 0.8961) * (1 - 0.21) + 0.0534 + 0.8961 = 2.63
Terminal Value = Discount (9.36 * (1 + 0.4452) / (2.63 - 0.4452)) = 28.37
Company Value = ∑ (9.36 / (1 + 2.63) ^ 5) = 23.25
Price = (Terminal Value + Company Value) / Count shares = (28.37 + 23.25) / 4989020000 = 10.35