SSE: 601233 - Tongkun 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 = 0.3306
CAGR EPS = -26.1%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.3306 * (1 + -26.1%) / (0.0458 * 2) = 2.67

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) = 0.021
Ebitda Yield = -1.42
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 = 1.19
Debt = 46.58
Market Cap = 30.89
Weight Debt = Market Cap / (Market Cap + Debt) = 30.89 / (30.89 + 46.58) = 0.3987
Weight Cost Debt = 100% - 0.3987 = 0.6013
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 = -0.1466
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1466 * 5.94 + 0 = 0.0188
WACC = (1.19 / 46.58) * (100% - 0.3987) * (1 - 0.21) + 0.0188 + 0.3987 = 2.02
Terminal Value = Discount (0.021 * (1 + -1.42) / (2.02 - -1.42)) = -0.0055
Company Value = ∑ (0.021 / (1 + 2.02) ^ 5) = 0.4922
Price = (Terminal Value + Company Value) / Count shares = (-0.0055 + 0.4922) / 2411120000 = 0.2019

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) = 3.7
FCF Yield = -1.85
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 = 1.19
Debt = 46.58
Market Cap = 30.89
Weight Debt = Market Cap / (Market Cap + Debt) = 30.89 / (30.89 + 46.58) = 0.3987
Weight Cost Debt = 100% - 0.3987 = 0.6013
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 = -0.1466
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1466 * 5.94 + 0 = 0.0188
WACC = (1.19 / 46.58) * (100% - 0.3987) * (1 - 0.21) + 0.0188 + 0.3987 = 2.02
Terminal Value = Discount (3.7 * (1 + -1.85) / (2.02 - -1.85)) = -1.52
Company Value = ∑ (3.7 / (1 + 2.02) ^ 5) = 5.27
Price = (Terminal Value + Company Value) / Count shares = (-1.52 + 5.27) / 2411120000 = 1.56