SSE: 600026 - COSCO SHIPPING Energy Transportation 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 = 0.7019
CAGR EPS = 46.36%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.7019 * (1 + 46.36%) / (0.0458 * 2) = 11.22

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) = 5.37
Ebitda Yield = 0.000257
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 = 1.5
Debt = 27.26
Market Cap = 53.18
Weight Debt = Market Cap / (Market Cap + Debt) = 53.18 / (53.18 + 27.26) = 0.6611
Weight Cost Debt = 100% - 0.6611 = 0.3389
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 = -0.4248
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4248 * 5.94 + 0 = 0.0023
WACC = (1.5 / 27.26) * (100% - 0.6611) * (1 - 0.21) + 0.0023 + 0.6611 = 4.31
Terminal Value = Discount (5.37 * (1 + 0.000257) / (4.31 - 0.000257)) = 101.49
Company Value = ∑ (5.37 / (1 + 4.31) ^ 5) = 23.67
Price = (Terminal Value + Company Value) / Count shares = (101.49 + 23.67) / 4770780000 = 26.24

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) = 2.38
FCF Yield = -0.0464
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 = 1.5
Debt = 27.26
Market Cap = 53.18
Weight Debt = Market Cap / (Market Cap + Debt) = 53.18 / (53.18 + 27.26) = 0.6611
Weight Cost Debt = 100% - 0.6611 = 0.3389
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 = -0.4248
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4248 * 5.94 + 0 = 0.0023
WACC = (1.5 / 27.26) * (100% - 0.6611) * (1 - 0.21) + 0.0023 + 0.6611 = 4.31
Terminal Value = Discount (2.38 * (1 + -0.0464) / (4.31 - -0.0464)) = 20.56
Company Value = ∑ (2.38 / (1 + 4.31) ^ 5) = 11.63
Price = (Terminal Value + Company Value) / Count shares = (20.56 + 11.63) / 4770780000 = 6.75