SSE: 688036 - Shenzhen Transsion Holdings 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 = 4.9
CAGR EPS = 32.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.9 * (1 + 32.09%) / (0.0433 * 2) = 74.8

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) = 3.19
Ebitda Yield = 0.0303
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 = 0.0793
Debt = 2.69
Market Cap = 119.19
Weight Debt = Market Cap / (Market Cap + Debt) = 119.19 / (119.19 + 2.69) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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 = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.08 * 5.94 + 0 = 0.1522
WACC = (0.0793 / 2.69) * (100% - 0.9779) * (1 - 0.21) + 0.1522 + 0.9779 = 2.45
Terminal Value = Discount (3.19 * (1 + 0.0303) / (2.45 - 0.0303)) = 506.23
Company Value = ∑ (3.19 / (1 + 2.45) ^ 5) = 13.98
Price = (Terminal Value + Company Value) / Count shares = (506.23 + 13.98) / 806570000 = 644.97

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) = 30.51
FCF Yield = 0.2113
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 = 0.0793
Debt = 2.69
Market Cap = 119.19
Weight Debt = Market Cap / (Market Cap + Debt) = 119.19 / (119.19 + 2.69) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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 = 2.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.08 * 5.94 + 0 = 0.1522
WACC = (0.0793 / 2.69) * (100% - 0.9779) * (1 - 0.21) + 0.1522 + 0.9779 = 2.45
Terminal Value = Discount (30.51 * (1 + 0.2113) / (2.45 - 0.2113)) = 175.24
Company Value = ∑ (30.51 / (1 + 2.45) ^ 5) = 99.39
Price = (Terminal Value + Company Value) / Count shares = (175.24 + 99.39) / 806570000 = 340.5