SSE: 688180 - Shanghai Junshi Biosciences Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = -2.31
CAGR EPS = 19.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 34.71 + (34.71 * 19.53% / 100) = 41.49

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) = -6.46
Ebitda Yield = 0.2241
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 = 0.029
Debt = 1.39
Market Cap = 33.93
Weight Debt = Market Cap / (Market Cap + Debt) = 33.93 / (33.93 + 1.39) = 0.9606
Weight Cost Debt = 100% - 0.9606 = 0.0394
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 = 1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.17 * 5.94 + 0 = 0.0983
WACC = (0.029 / 1.39) * (100% - 0.9606) * (1 - 0.21) + 0.0983 + 0.9606 = 1.73
Terminal Value = Discount (-6.46 * (1 + 0.2241) / (1.73 - 0.2241)) = -35.12
Company Value = ∑ (-6.46 / (1 + 1.73) ^ 5) = -21.2
Price = (Terminal Value + Company Value) / Count shares = (-35.12 + -21.2) / 985690000 = -57.14

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) = -4.17
FCF Yield = 0.0654
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 = 0.029
Debt = 1.39
Market Cap = 33.93
Weight Debt = Market Cap / (Market Cap + Debt) = 33.93 / (33.93 + 1.39) = 0.9606
Weight Cost Debt = 100% - 0.9606 = 0.0394
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 = 1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.17 * 5.94 + 0 = 0.0983
WACC = (0.029 / 1.39) * (100% - 0.9606) * (1 - 0.21) + 0.0983 + 0.9606 = 1.73
Terminal Value = Discount (-4.17 * (1 + 0.0654) / (1.73 - 0.0654)) = -84.73
Company Value = ∑ (-4.17 / (1 + 1.73) ^ 5) = -17.48
Price = (Terminal Value + Company Value) / Count shares = (-84.73 + -17.48) / 985690000 = -103.69