SSE: 600751 - HNA Technology 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 = 0.0834
CAGR EPS = -14.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0834 * (1 + -14.27%) / (0.0433 * 2) = 0.8254

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) = 0.0131
Ebitda Yield = -0.4062
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 = 0.0531
Debt = 0.0967
Market Cap = 6.4
Weight Debt = Market Cap / (Market Cap + Debt) = 6.4 / (6.4 + 0.0967) = 0.9851
Weight Cost Debt = 100% - 0.9851 = 0.0149
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 = 0.0713
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0713 * 5.94 + 0 = 0.0342
WACC = (0.0531 / 0.0967) * (100% - 0.9851) * (1 - 0.21) + 0.0342 + 0.9851 = 43.01
Terminal Value = Discount (0.0131 * (1 + -0.4062) / (43.01 - -0.4062)) = 0.0016
Company Value = ∑ (0.0131 / (1 + 43.01) ^ 5) = 0.1248
Price = (Terminal Value + Company Value) / Count shares = (0.0016 + 0.1248) / 2899340000 = 0.0436

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) = 0.176
FCF Yield = -1.59
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 = 0.0531
Debt = 0.0967
Market Cap = 6.4
Weight Debt = Market Cap / (Market Cap + Debt) = 6.4 / (6.4 + 0.0967) = 0.9851
Weight Cost Debt = 100% - 0.9851 = 0.0149
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 = 0.0713
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0713 * 5.94 + 0 = 0.0342
WACC = (0.0531 / 0.0967) * (100% - 0.9851) * (1 - 0.21) + 0.0342 + 0.9851 = 43.01
Terminal Value = Discount (0.176 * (1 + -1.59) / (43.01 - -1.59)) = -0.0086
Company Value = ∑ (0.176 / (1 + 43.01) ^ 5) = 0.7026
Price = (Terminal Value + Company Value) / Count shares = (-0.0086 + 0.7026) / 2899340000 = 0.2393