SSE: 603087 - Gan & Lee Pharmaceuticals.

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 = 0.5724
CAGR EPS = -24.35%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5724 * (1 + -24.35%) / (0.0433 * 2) = 5

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) = 0.0224
Ebitda Yield = -1.5
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 = 0.000552
Debt = 0.017
Market Cap = 20.91
Weight Debt = Market Cap / (Market Cap + Debt) = 20.91 / (20.91 + 0.017) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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) = 2.89
β = 0.7801
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7801 * 5.94 + 0 = 0.0752
WACC = (0.000552 / 0.017) * (100% - 0.9992) * (1 - 0.21) + 0.0752 + 0.9992 = 2.61
Terminal Value = Discount (0.0224 * (1 + -1.5) / (2.61 - -1.5)) = -0.0064
Company Value = ∑ (0.0224 / (1 + 2.61) ^ 5) = 0.2475
Price = (Terminal Value + Company Value) / Count shares = (-0.0064 + 0.2475) / 594160000 = 0.4058

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) = 0.017
FCF Yield = -1.52
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 = 0.000552
Debt = 0.017
Market Cap = 20.91
Weight Debt = Market Cap / (Market Cap + Debt) = 20.91 / (20.91 + 0.017) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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) = 2.89
β = 0.7801
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7801 * 5.94 + 0 = 0.0752
WACC = (0.000552 / 0.017) * (100% - 0.9992) * (1 - 0.21) + 0.0752 + 0.9992 = 2.61
Terminal Value = Discount (0.017 * (1 + -1.52) / (2.61 - -1.52)) = -0.005
Company Value = ∑ (0.017 / (1 + 2.61) ^ 5) = 0.1544
Price = (Terminal Value + Company Value) / Count shares = (-0.005 + 0.1544) / 594160000 = 0.2513