SSE: 688111 - Beijing Kingsoft Office Software, 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 = 2.85
CAGR EPS = 41.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.85 * (1 + 41.68%) / (0.0433 * 2) = 46.69

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) = 2.78
Ebitda Yield = 0.1813
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 = 0.0093
Debt = 0.0853
Market Cap = 197.99
Weight Debt = Market Cap / (Market Cap + Debt) = 197.99 / (197.99 + 0.0853) = 0.9996
Weight Cost Debt = 100% - 0.9996 = 0.00039999999999996
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 = -4.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.93 * 5.94 + 0 = -0.2637
WACC = (0.0093 / 0.0853) * (100% - 0.9996) * (1 - 0.21) + -0.2637 + 0.9996 = 8.24
Terminal Value = Discount (2.78 * (1 + 0.1813) / (8.24 - 0.1813)) = 22.38
Company Value = ∑ (2.78 / (1 + 8.24) ^ 5) = 7.92
Price = (Terminal Value + Company Value) / Count shares = (22.38 + 7.92) / 461720000 = 65.63

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) = 5.43
FCF Yield = 0.2348
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 = 0.0093
Debt = 0.0853
Market Cap = 197.99
Weight Debt = Market Cap / (Market Cap + Debt) = 197.99 / (197.99 + 0.0853) = 0.9996
Weight Cost Debt = 100% - 0.9996 = 0.00039999999999996
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 = -4.93
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.93 * 5.94 + 0 = -0.2637
WACC = (0.0093 / 0.0853) * (100% - 0.9996) * (1 - 0.21) + -0.2637 + 0.9996 = 8.24
Terminal Value = Discount (5.43 * (1 + 0.2348) / (8.24 - 0.2348)) = 29.62
Company Value = ∑ (5.43 / (1 + 8.24) ^ 5) = 14.29
Price = (Terminal Value + Company Value) / Count shares = (29.62 + 14.29) / 461720000 = 95.08