SSE: 688029 - Micro-Tech (Nanjing) 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 = 2.59
CAGR EPS = 10.79%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.59 * (1 + 10.79%) / (0.0433 * 2) = 33.09

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) = 0.4935
Ebitda Yield = 0.0234
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 = 0.002
Debt = 0.0188
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 0.0188) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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 = 1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.11 * 5.94 + 0 = 0.0949
WACC = (0.002 / 0.0188) * (100% - 0.9987) * (1 - 0.21) + 0.0949 + 0.9987 = 8.59
Terminal Value = Discount (0.4935 * (1 + 0.0234) / (8.59 - 0.0234)) = 5.36
Company Value = ∑ (0.4935 / (1 + 8.59) ^ 5) = 1.85
Price = (Terminal Value + Company Value) / Count shares = (5.36 + 1.85) / 187850000 = 38.36

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) = 0.1875
FCF Yield = -0.0053
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 = 0.002
Debt = 0.0188
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 0.0188) = 0.9987
Weight Cost Debt = 100% - 0.9987 = 0.0013
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 = 1.11
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.11 * 5.94 + 0 = 0.0949
WACC = (0.002 / 0.0188) * (100% - 0.9987) * (1 - 0.21) + 0.0949 + 0.9987 = 8.59
Terminal Value = Discount (0.1875 * (1 + -0.0053) / (8.59 - -0.0053)) = 1.35
Company Value = ∑ (0.1875 / (1 + 8.59) ^ 5) = 0.7456
Price = (Terminal Value + Company Value) / Count shares = (1.35 + 0.7456) / 187850000 = 11.18