OTC: ALBHF - Alibaba Health Information Technology Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — キーレート
Excess Key Rate — 必要なキーレートの超過
EPS = 0.0085
CAGR EPS = 78.16%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0085 * (1 + 78.16%) / (0.0433 * 2) = 0.1749

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.2254
Ebitda Yield = 0.1061
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0.000813
Debt = 0.0808
Market Cap = 7.52
Weight Debt = Market Cap / (Market Cap + Debt) = 7.52 / (7.52 + 0.0808) = 0.9894
Weight Cost Debt = 100% - 0.9894 = 0.0106
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 3
β = -2.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.76 * 5.94 + 0 = -0.1339
WACC = (0.000813 / 0.0808) * (100% - 0.9894) * (1 - 0.21) + -0.1339 + 0.9894 = 0.6545
Terminal Value = Discount (0.2254 * (1 + 0.1061) / (0.6545 - 0.1061)) = 2.42
Company Value = ∑ (0.2254 / (1 + 0.6545) ^ 5) = 0.9112
Price = (Terminal Value + Company Value) / Count shares = (2.42 + 0.9112) / 14090690000 = 0.2366

Price = (Terminal Value + Company Value) / Count shares
Price - 適正価格
Terminal Value — 予測後の期間のコスト
Company Value — 予測期間中のコスト
Count shares - 株式数
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0495
FCF Yield = -0.1924
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 債務返済コスト
Debt - 義務
Weight Debt - 負債に対する資本の重み
Weight Cost Debt - 資本総額に対する負債の重み
Tax - 税
Interest Expense = 0.000813
Debt = 0.0808
Market Cap = 7.52
Weight Debt = Market Cap / (Market Cap + Debt) = 7.52 / (7.52 + 0.0808) = 0.9894
Weight Cost Debt = 100% - 0.9894 = 0.0106
Tax = 0.21
Cost Of Equity — 割引率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — リスクフリーの収益率
β (beta) — 市場に関連した株式 (資産) のリスクの尺度を決定し、市場の収益性の変化に対する株式の収益性の変化の感応度を示します。
Risk Premium — リスクプレミアム - 株式投資のリスクに対するプレミアム
Country Premium - カントリーリスク
k(f) = 3
β = -2.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -2.76 * 5.94 + 0 = -0.1339
WACC = (0.000813 / 0.0808) * (100% - 0.9894) * (1 - 0.21) + -0.1339 + 0.9894 = 0.6545
Terminal Value = Discount (0.0495 * (1 + -0.1924) / (0.6545 - -0.1924)) = 0.1943
Company Value = ∑ (0.0495 / (1 + 0.6545) ^ 5) = 0.3901
Price = (Terminal Value + Company Value) / Count shares = (0.1943 + 0.3901) / 14090690000 = 0.0415