NYSE: SHI - Sinopec

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 = 1.4
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.3 + (14.3 * 8.66% / 100) = 15.54

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) = 2.78
Ebitda Yield = -0.1025
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 = 0.0433
Debt = 0.5935
Market Cap = 4.17
Weight Debt = Market Cap / (Market Cap + Debt) = 4.17 / (4.17 + 0.5935) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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 = (0.0433 / 0.5935) * (100% - 0.8754) * (1 - 0.21) + 0.0282 + 0.8754 = 5.74
Terminal Value = Discount (2.78 * (1 + -0.1025) / (5.74 - -0.1025)) = 11.81
Company Value = ∑ (2.78 / (1 + 5.74) ^ 5) = 15
Price = (Terminal Value + Company Value) / Count shares = (11.81 + 15) / 10823810000 = 2.48

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) = 0.1472
FCF Yield = -0.2732
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 = 0.0433
Debt = 0.5935
Market Cap = 4.17
Weight Debt = Market Cap / (Market Cap + Debt) = 4.17 / (4.17 + 0.5935) = 0.8754
Weight Cost Debt = 100% - 0.8754 = 0.1246
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 = (0.0433 / 0.5935) * (100% - 0.8754) * (1 - 0.21) + 0.0282 + 0.8754 = 5.74
Terminal Value = Discount (0.1472 * (1 + -0.2732) / (5.74 - -0.2732)) = 0.2448
Company Value = ∑ (0.1472 / (1 + 5.74) ^ 5) = 1.35
Price = (Terminal Value + Company Value) / Count shares = (0.2448 + 1.35) / 10823810000 = 0.1474