Jiangsu Etern stock: fair value
600105.SSThe fair value of Jiangsu Etern under our model is $1.14, the price is 213% above.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Significantly overvaluedIn our model the price counts as cheap below $0.76 and expensive above $2.28 (uncertainty very high, based on the price swings of the past year).
The two parts of the fair value come to $0.16 (cash-flow model) and $2.11 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is above both.
Calculated with a cost of equity of 9%. At 10% the fair value would be $1.13, at 8% it would be $1.15.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (31.8).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 2.3%. Discounted at 9.0% (government bond yield 2.3% plus beta 1.3 times a risk premium of 5.1%); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $0.16 per share: free cash flow for the next ten years, each year discounted to today at 9.0%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 9.0%) |
|---|---|---|---|---|
| 2026 | $8.98M | extrapolated at 34.4% | 0.9176 | $8.24M |
| 2027 | $11.2M | extrapolated at 24.8% | 0.8420 | $9.43M |
| 2028 | $13.22M | extrapolated at 18.0% | 0.7726 | $10.21M |
| 2029 | $14.98M | extrapolated at 13.3% | 0.7090 | $10.62M |
| 2030 | $16.48M | extrapolated at 10.0% | 0.6506 | $10.72M |
| 2031 | $17.74M | extrapolated at 7.7% | 0.5970 | $10.59M |
| 2032 | $18.82M | extrapolated at 6.1% | 0.5478 | $10.31M |
| 2033 | $19.76M | extrapolated at 5.0% | 0.5026 | $9.93M |
| 2034 | $20.58M | extrapolated at 4.2% | 0.4612 | $9.49M |
| 2035 | $21.32M | extrapolated at 3.6% | 0.4232 | $9.02M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $98.56M |
| Terminal value: cash flow 2035 × (1 + 2.3%) / (9.0% − 2.3%) | $327.05M |
| Present value of terminal value (× 0.4232) | $138.42M |
| Equity value (sum plus present value of terminal value) | $236.97M |
| Shares (diluted) | 1.46B |
| Value per share (equity value divided by shares) | $0.16 |
| Earnings per share, last twelve months | $0.07 |
| × 31.8 (industry P/E) | $2.11 |
| Fair value (average of both parts) | $1.14 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = CN¥6.6683)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Weak, published since 7 Nov 2026 (in the score history since 1 May 2026)
- Valuation signal Overvalued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.