SSE: 603444 - G-bits Network Technology (Xiamen) 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 = 15.62
CAGR EPS = -3.35%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 15.62 * (1 + -3.35%) / (0.0458 * 2) = 164.79

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) = 3.51
Ebitda Yield = 0.0958
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 = 0.0044
Debt = 0.0344
Market Cap = 37.65
Weight Debt = Market Cap / (Market Cap + Debt) = 37.65 / (37.65 + 0.0344) = 0.9991
Weight Cost Debt = 100% - 0.9991 = 0.00090000000000001
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 = 1.35
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.35 * 5.94 + 0 = 0.1077
WACC = (0.0044 / 0.0344) * (100% - 0.9991) * (1 - 0.21) + 0.1077 + 0.9991 = 10.18
Terminal Value = Discount (3.51 * (1 + 0.0958) / (10.18 - 0.0958)) = 397.58
Company Value = ∑ (3.51 / (1 + 10.18) ^ 5) = 10.92
Price = (Terminal Value + Company Value) / Count shares = (397.58 + 10.92) / 72040000 = 5670.47

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) = 1.05
FCF Yield = -0.0146
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 = 0.0044
Debt = 0.0344
Market Cap = 37.65
Weight Debt = Market Cap / (Market Cap + Debt) = 37.65 / (37.65 + 0.0344) = 0.9991
Weight Cost Debt = 100% - 0.9991 = 0.00090000000000001
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 = 1.35
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.35 * 5.94 + 0 = 0.1077
WACC = (0.0044 / 0.0344) * (100% - 0.9991) * (1 - 0.21) + 0.1077 + 0.9991 = 10.18
Terminal Value = Discount (1.05 * (1 + -0.0146) / (10.18 - -0.0146)) = 5.48
Company Value = ∑ (1.05 / (1 + 10.18) ^ 5) = 4.09
Price = (Terminal Value + Company Value) / Count shares = (5.48 + 4.09) / 72040000 = 132.81