TSE: 2309 - CMIC HOLDINGS 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 = 416.23
CAGR EPS = 33.3%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2145 + (2145 * 33.3% / 100) = 2859.2

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) = 25.22
Ebitda Yield = 0.1099
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 = 0.154
Debt = 2.8
Market Cap = 34.31
Weight Debt = Market Cap / (Market Cap + Debt) = 34.31 / (34.31 + 2.8) = 0.9245
Weight Cost Debt = 100% - 0.9245 = 0.0755
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) = 2.75
β = -1.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.51 * 5.94 + 0 = -0.0621
WACC = (0.154 / 2.8) * (100% - 0.9245) * (1 - 0.21) + -0.0621 + 0.9245 = 4.25
Terminal Value = Discount (25.22 * (1 + 0.1099) / (4.25 - 0.1099)) = 337.36
Company Value = ∑ (25.22 / (1 + 4.25) ^ 5) = 90.72
Price = (Terminal Value + Company Value) / Count shares = (337.36 + 90.72) / 17180000 = 24917.41

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) = 74.2
FCF Yield = 0.7755
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 = 0.154
Debt = 2.8
Market Cap = 34.31
Weight Debt = Market Cap / (Market Cap + Debt) = 34.31 / (34.31 + 2.8) = 0.9245
Weight Cost Debt = 100% - 0.9245 = 0.0755
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) = 2.75
β = -1.51
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.51 * 5.94 + 0 = -0.0621
WACC = (0.154 / 2.8) * (100% - 0.9245) * (1 - 0.21) + -0.0621 + 0.9245 = 4.25
Terminal Value = Discount (74.2 * (1 + 0.7755) / (4.25 - 0.7755)) = 145.99
Company Value = ∑ (74.2 / (1 + 4.25) ^ 5) = 135.8
Price = (Terminal Value + Company Value) / Count shares = (145.99 + 135.8) / 17180000 = 16401.79