SSE: 600008 - Beijing Capital Eco-Environment Protection Group Co., Ltd.

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 = 0.2188
CAGR EPS = 6.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2188 * (1 + 6.74%) / (0.0433 * 2) = 2.7

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) = 9.6
Ebitda Yield = 0.0701
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 = 1.69
Debt = 43.08
Market Cap = 20.55
Weight Debt = Market Cap / (Market Cap + Debt) = 20.55 / (20.55 + 43.08) = 0.323
Weight Cost Debt = 100% - 0.323 = 0.677
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 = -0.3582
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3582 * 5.94 + 0 = 0.0069
WACC = (1.69 / 43.08) * (100% - 0.323) * (1 - 0.21) + 0.0069 + 0.323 = 3.09
Terminal Value = Discount (9.6 * (1 + 0.0701) / (3.09 - 0.0701)) = 225.33
Company Value = ∑ (9.6 / (1 + 3.09) ^ 5) = 38.3
Price = (Terminal Value + Company Value) / Count shares = (225.33 + 38.3) / 7340590000 = 35.91

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) = -0.2136
FCF Yield = -0.272
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 = 1.69
Debt = 43.08
Market Cap = 20.55
Weight Debt = Market Cap / (Market Cap + Debt) = 20.55 / (20.55 + 43.08) = 0.323
Weight Cost Debt = 100% - 0.323 = 0.677
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 = -0.3582
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3582 * 5.94 + 0 = 0.0069
WACC = (1.69 / 43.08) * (100% - 0.323) * (1 - 0.21) + 0.0069 + 0.323 = 3.09
Terminal Value = Discount (-0.2136 * (1 + -0.272) / (3.09 - -0.272)) = -0.4409
Company Value = ∑ (-0.2136 / (1 + 3.09) ^ 5) = -2.07
Price = (Terminal Value + Company Value) / Count shares = (-0.4409 + -2.07) / 7340590000 = -0.342