SSE: 688185 - CanSino Biologics Inc.

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 = -5.99
CAGR EPS = 53.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 61.53 + (61.53 * 53.46% / 100) = 94.42

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) = -5.03
Ebitda Yield = 0.3969
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 = 0.0641
Debt = 2.72
Market Cap = 12.76
Weight Debt = Market Cap / (Market Cap + Debt) = 12.76 / (12.76 + 2.72) = 0.8243
Weight Cost Debt = 100% - 0.8243 = 0.1757
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) = 3
β = 0.7027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.7027 * 5.94 + 0 = 0.0717
WACC = (0.0641 / 2.72) * (100% - 0.8243) * (1 - 0.21) + 0.0717 + 0.8243 = 1.91
Terminal Value = Discount (-5.03 * (1 + 0.3969) / (1.91 - 0.3969)) = -16.93
Company Value = ∑ (-5.03 / (1 + 1.91) ^ 5) = -13.43
Price = (Terminal Value + Company Value) / Count shares = (-16.93 + -13.43) / 247450000 = -122.7

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) = -9.11
FCF Yield = 0.3678
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 = 0.0641
Debt = 2.72
Market Cap = 12.76
Weight Debt = Market Cap / (Market Cap + Debt) = 12.76 / (12.76 + 2.72) = 0.8243
Weight Cost Debt = 100% - 0.8243 = 0.1757
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) = 3
β = 0.7027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.7027 * 5.94 + 0 = 0.0717
WACC = (0.0641 / 2.72) * (100% - 0.8243) * (1 - 0.21) + 0.0717 + 0.8243 = 1.91
Terminal Value = Discount (-9.11 * (1 + 0.3678) / (1.91 - 0.3678)) = -32.51
Company Value = ∑ (-9.11 / (1 + 1.91) ^ 5) = -25.05
Price = (Terminal Value + Company Value) / Count shares = (-32.51 + -25.05) / 247450000 = -232.61