OTC: CRYYF - China Railway Signal & Communication Corporation Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 0.0467
CAGR EPS = -34.33%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.0467 * (1 + -34.33%) / (0.0458 * 2) = 0.3348

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) = 0.1515
Ebitda Yield = -0.2702
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 = 0.0109
Debt = 7.32
Market Cap = 7.83
Weight Debt = Market Cap / (Market Cap + Debt) = 7.83 / (7.83 + 7.32) = 0.5168
Weight Cost Debt = 100% - 0.5168 = 0.4832
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0109 / 7.32) * (100% - 0.5168) * (1 - 0.21) + 0.026 + 0.5168 = 0.1305
Terminal Value = Discount (0.1515 * (1 + -0.2702) / (0.1305 - -0.2702)) = 0.4047
Company Value = ∑ (0.1515 / (1 + 0.1305) ^ 5) = 1.56
Price = (Terminal Value + Company Value) / Count shares = (0.4047 + 1.56) / 10589820000 = 0.1858

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) = 0.9276
FCF Yield = -0.0855
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 = 0.0109
Debt = 7.32
Market Cap = 7.83
Weight Debt = Market Cap / (Market Cap + Debt) = 7.83 / (7.83 + 7.32) = 0.5168
Weight Cost Debt = 100% - 0.5168 = 0.4832
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.0109 / 7.32) * (100% - 0.5168) * (1 - 0.21) + 0.026 + 0.5168 = 0.1305
Terminal Value = Discount (0.9276 * (1 + -0.0855) / (0.1305 - -0.0855)) = 9.71
Company Value = ∑ (0.9276 / (1 + 0.1305) ^ 5) = 5.57
Price = (Terminal Value + Company Value) / Count shares = (9.71 + 5.57) / 10589820000 = 1.44