SSE: 603986 - GigaDevice Semiconductor (Beijing) Inc.

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 = 0.2416
CAGR EPS = -35.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2416 * (1 + -35.41%) / (0.0433 * 2) = 1.8

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) = 3.15
Ebitda Yield = 0.1381
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 = 0.0071
Debt = 0.1254
Market Cap = 71.91
Weight Debt = Market Cap / (Market Cap + Debt) = 71.91 / (71.91 + 0.1254) = 0.9983
Weight Cost Debt = 100% - 0.9983 = 0.0017
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 = 2.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.62 * 5.94 + 0 = 0.1847
WACC = (0.0071 / 0.1254) * (100% - 0.9983) * (1 - 0.21) + 0.1847 + 0.9983 = 4.62
Terminal Value = Discount (3.15 * (1 + 0.1381) / (4.62 - 0.1381)) = 31.13
Company Value = ∑ (3.15 / (1 + 4.62) ^ 5) = 10.7
Price = (Terminal Value + Company Value) / Count shares = (31.13 + 10.7) / 666910000 = 62.71

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) = 0.9799
FCF Yield = 0.0317
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 = 0.0071
Debt = 0.1254
Market Cap = 71.91
Weight Debt = Market Cap / (Market Cap + Debt) = 71.91 / (71.91 + 0.1254) = 0.9983
Weight Cost Debt = 100% - 0.9983 = 0.0017
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 = 2.62
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.62 * 5.94 + 0 = 0.1847
WACC = (0.0071 / 0.1254) * (100% - 0.9983) * (1 - 0.21) + 0.1847 + 0.9983 = 4.62
Terminal Value = Discount (0.9799 * (1 + 0.0317) / (4.62 - 0.0317)) = 55.5
Company Value = ∑ (0.9799 / (1 + 4.62) ^ 5) = 4.02
Price = (Terminal Value + Company Value) / Count shares = (55.5 + 4.02) / 666910000 = 89.24