NYSE: HNP - Huaneng Power International, Inc.

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 = -7.2
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 18.6 + (18.6 * 8.66% / 100) = 20.21

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) = 27.54
Ebitda Yield = -0.0151
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
Debt = 302.93
Market Cap = 8.44
Weight Debt = Market Cap / (Market Cap + Debt) = 8.44 / (8.44 + 302.93) = 0.0271
Weight Cost Debt = 100% - 0.0271 = 0.9729
Tax = 0.21
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0 / 302.93) * (100% - 0.0271) * (1 - 0.21) + 0.0282 + 0.0271 = 0.000764
Terminal Value = Discount (27.54 * (1 + -0.0151) / (0.000764 - -0.0151)) = 1798.28
Company Value = ∑ (27.54 / (1 + 0.000764) ^ 5) = 141.96
Price = (Terminal Value + Company Value) / Count shares = (1798.28 + 141.96) / 392000000 = 4949.61

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) = 61.44
FCF Yield = -2.11
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
Debt = 302.93
Market Cap = 8.44
Weight Debt = Market Cap / (Market Cap + Debt) = 8.44 / (8.44 + 302.93) = 0.0271
Weight Cost Debt = 100% - 0.0271 = 0.9729
Tax = 0.21
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0 / 302.93) * (100% - 0.0271) * (1 - 0.21) + 0.0282 + 0.0271 = 0.000764
Terminal Value = Discount (61.44 * (1 + -2.11) / (0.000764 - -2.11)) = -32.28
Company Value = ∑ (61.44 / (1 + 0.000764) ^ 5) = 51.72
Price = (Terminal Value + Company Value) / Count shares = (-32.28 + 51.72) / 392000000 = 49.61