C-MER Eye Care Holdings Limited, an investment holding company, provides ophthalmic services under the C-MER Dennis Lam brand name in Hong Kong and the People’s Republic of China. More info.
The calculations below outline how an intrinsic value for
C-MER Eye Care Holdings
is arrived at by discounting future cash flows to their present value. We use
analyst's estimates of cash flows going forward 5 years.
See our documentation to learn about this calculation.
|Levered FCF (HKD, Millions)||HK$69.00||HK$136.00||HK$160.48||HK$187.76||HK$217.80|
|Source||Analyst x1||Analyst x1||Extrapolated @ (18%, capped from 21.02%)||Extrapolated @ (17%, capped from 21.02%)||Extrapolated @ (16%, capped from 21.02%)|
Discounted (@ 8.38%)
Present value of next 5 years cash flows:
Terminal Value = FCF2022 × (1 + g) ÷ (Discount Rate – g)
Terminal Value = HK$218 × (1 + 1.88%) ÷ (8.38% – 1.88%)
Terminal value based on the Perpetuity Method where growth (g) =
Present value of terminal value:
Equity Value (Total value) = Present value of next 5 years cash flows +
HK$2,872 = HK$587 + HK$2,285
Value = Total value / Shares Outstanding (HK$2,872 / 1,030)Discount to Share Price
Value per share:
Current discount (share price of HK$10.9): -290.73%
The discount rate, or required rate of return, is estimated by calculating the Cost of Equity.
Discount rate = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
Discount rate = 8.38% = 1.88% + (0.8 * 8.12%)
The Levered Beta is the Unlevered Beta adjusted for financial leverage. It is limited to 0.8 to 2.0 (practical range for a stable firm). Note the market value of equity is used not the book value (HK$11,222,095,000).
Levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
0.659 = 0.656 (1 + (1- 16.5%) (0.38%))
Levered Beta used in calculation = 0.8
When C-MER Eye Care Holdings Limited (SEHK:3309) announced its most recent earnings (30 June 2017), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … See our latest analysis for C-MER Eye Care Holdings Did 3309's recent earnings growth beat the long-term trend and the industry? … For C-MER Eye Care Holdings, its most recent earnings (trailing twelve month) is HK$51.67M, which, relative to the prior year's level, has risen by 21.29%.Simply Wall St - – Full article
Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for 3309 Price per share = HK$13.26 Earnings per share = HK$0.071 ∴ Price-Earnings Ratio = HK$13.26 ÷ HK$0.071 = 187.1x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … We preferably want to compare the stock’s P/E ratio to the average of companies that have similar features to 3309, such as capital structure and profitability. … For example, if you are inadvertently comparing riskier firms with 3309, then 3309’s P/E would naturally be higher than its peers since investors would reward its lower risk with a higher price.Simply Wall St - – Full article
C-MER Eye Care Holdings Limited, an investment holding company, provides ophthalmic services under the C-MER Dennis Lam brand name in Hong Kong and the People’s Republic of China. The company offers eye centers, surgery centers, and satellite clinics that provide cataract and intraocular lens implant, refractive correction, corneal and external eye disease, glaucoma, vitreoretinal disease, oculoplastic and orbital disease, and squint and pediatric ophthalmology services. It also sells vision aid and pharmaceutical products. The company was founded in 2012 and is headquartered in Central, Hong Kong. C-MER Eye Care Holdings Limited is a subsidiary of C-MER Group Limited.
|Name:||C-MER Eye Care Holdings Limited|
C-MER Eye Care Holdings Limited
|Exchange Symbol||Ticker Symbol||Security||Exchange||Country||Currency||Listed on|
|SEHK||3309||Ordinary Shares||The Stock Exchange of Hong Kong Ltd.||HK||HKD||15. Jan 2018|
|Company Analysis updated:||2018/03/21 20:23|
|Last estimates confirmation:||2018/02/26|
|Last earnings update:||2017/06/30|
|Last annual earnings update:||2016/12/31|
All dates in UTC. All financial data provided by Standard & Poor’s Capital IQ.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.