SSE: 600025 - Huaneng Lancang River Hydropower Inc.

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 = 0.4243
CAGR EPS = 6.62%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.4243 * (1 + 6.62%) / (0.0458 * 2) = 4.94

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) = 8.29
Ebitda Yield = -0.0601
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 = 2.78
Debt = 87.93
Market Cap = 124.38
Weight Debt = Market Cap / (Market Cap + Debt) = 124.38 / (124.38 + 87.93) = 0.5858
Weight Cost Debt = 100% - 0.5858 = 0.4142
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) = 2.75
β = -0.5648
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5648 * 5.94 + 0 = -0.006
WACC = (2.78 / 87.93) * (100% - 0.5858) * (1 - 0.21) + -0.006 + 0.5858 = 2.48
Terminal Value = Discount (8.29 * (1 + -0.0601) / (2.48 - -0.0601)) = 81.17
Company Value = ∑ (8.29 / (1 + 2.48) ^ 5) = 43.91
Price = (Terminal Value + Company Value) / Count shares = (81.17 + 43.91) / 18000000000 = 6.95

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) = 0.0023
FCF Yield = -1.29
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 = 2.78
Debt = 87.93
Market Cap = 124.38
Weight Debt = Market Cap / (Market Cap + Debt) = 124.38 / (124.38 + 87.93) = 0.5858
Weight Cost Debt = 100% - 0.5858 = 0.4142
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) = 2.75
β = -0.5648
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5648 * 5.94 + 0 = -0.006
WACC = (2.78 / 87.93) * (100% - 0.5858) * (1 - 0.21) + -0.006 + 0.5858 = 2.48
Terminal Value = Discount (0.0023 * (1 + -1.29) / (2.48 - -1.29)) = -0.000463
Company Value = ∑ (0.0023 / (1 + 2.48) ^ 5) = 0.2383
Price = (Terminal Value + Company Value) / Count shares = (-0.000463 + 0.2383) / 18000000000 = 0.0132