HKEX: 0338 - Sinopec Shanghai Petrochemical Company Limited

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 = -0.1302
CAGR EPS = 16.77%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.06 + (1.06 * 16.77% / 100) = 1.24

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) = 0.1827
Ebitda Yield = -0.215
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 = 0.1446
Debt = 5.77
Market Cap = 29.37
Weight Debt = Market Cap / (Market Cap + Debt) = 29.37 / (29.37 + 5.77) = 0.8358
Weight Cost Debt = 100% - 0.8358 = 0.1642
Tax = 0.25
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) = 0.1
β = 0.9995
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 0.9995 * 18.88 + 0.91 = 0.1988
WACC = (0.1446 / 5.77) * (100% - 0.8358) * (1 - 0.25) + 0.1988 + 0.8358 = 2.03
Terminal Value = Discount (0.1827 * (1 + -0.215) / (2.03 - -0.215)) = 0.5512
Company Value = ∑ (0.1827 / (1 + 2.03) ^ 5) = 1.49
Price = (Terminal Value + Company Value) / Count shares = (0.5512 + 1.49) / 10799290000 = 0.1893

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) = 0.0075
FCF Yield = -1.39
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 = 0.1446
Debt = 5.77
Market Cap = 29.37
Weight Debt = Market Cap / (Market Cap + Debt) = 29.37 / (29.37 + 5.77) = 0.8358
Weight Cost Debt = 100% - 0.8358 = 0.1642
Tax = 0.25
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) = 0.1
β = 0.9995
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 0.9995 * 18.88 + 0.91 = 0.1988
WACC = (0.1446 / 5.77) * (100% - 0.8358) * (1 - 0.25) + 0.1988 + 0.8358 = 2.03
Terminal Value = Discount (0.0075 * (1 + -1.39) / (2.03 - -1.39)) = -0.0019
Company Value = ∑ (0.0075 / (1 + 2.03) ^ 5) = 0.2265
Price = (Terminal Value + Company Value) / Count shares = (-0.0019 + 0.2265) / 10799290000 = 0.0208