HKEX: 2068 - China Aluminum International Engineering Corporation 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 = -0.8982
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.93 + (1.93 * 8.66% / 100) = 2.1

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) = 1.6E-5
Ebitda Yield = -1.21
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 = 0.4161
Debt = 10.9
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 10.9) = 0.5851
Weight Cost Debt = 100% - 0.5851 = 0.4149
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) = -0.7
β = 0.017
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.017 * 18.88 + 0.91 = 0.0053
WACC = (0.4161 / 10.9) * (100% - 0.5851) * (1 - 0.25) + 0.0053 + 0.5851 = 2.85
Terminal Value = Discount (1.6E-5 * (1 + -1.21) / (2.85 - -1.21)) = 0
Company Value = ∑ (1.6E-5 / (1 + 2.85) ^ 5) = 0.0073
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0073) / 2959070000 = 0.0025

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) = 2.66
FCF Yield = 0.3175
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 = 0.4161
Debt = 10.9
Market Cap = 15.37
Weight Debt = Market Cap / (Market Cap + Debt) = 15.37 / (15.37 + 10.9) = 0.5851
Weight Cost Debt = 100% - 0.5851 = 0.4149
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) = -0.7
β = 0.017
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.017 * 18.88 + 0.91 = 0.0053
WACC = (0.4161 / 10.9) * (100% - 0.5851) * (1 - 0.25) + 0.0053 + 0.5851 = 2.85
Terminal Value = Discount (2.66 * (1 + 0.3175) / (2.85 - 0.3175)) = 10.55
Company Value = ∑ (2.66 / (1 + 2.85) ^ 5) = 7.49
Price = (Terminal Value + Company Value) / Count shares = (10.55 + 7.49) / 2959070000 = 6.1