SSE: 600028 - China Petroleum & Chemical Corporation

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 = 0.5518
CAGR EPS = 1.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.17 + (6.17 * 1.65% / 100) = 6.27

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) = 220.42
Ebitda Yield = 0.0025
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 = 16.85
Debt = 448.08
Market Cap = 675.08
Weight Debt = Market Cap / (Market Cap + Debt) = 675.08 / (675.08 + 448.08) = 0.6011
Weight Cost Debt = 100% - 0.6011 = 0.3989
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) = 2.89
β = -0.1615
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1615 * 5.94 + 0 = 0.0193
WACC = (16.85 / 448.08) * (100% - 0.6011) * (1 - 0.21) + 0.0193 + 0.6011 = 2.96
Terminal Value = Discount (220.42 * (1 + 0.0025) / (2.96 - 0.0025)) = 7035.35
Company Value = ∑ (220.42 / (1 + 2.96) ^ 5) = 1005.34
Price = (Terminal Value + Company Value) / Count shares = (7035.35 + 1005.34) / 119896410000 = 67.06

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) = 0.2372
FCF Yield = -1.47
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 = 16.85
Debt = 448.08
Market Cap = 675.08
Weight Debt = Market Cap / (Market Cap + Debt) = 675.08 / (675.08 + 448.08) = 0.6011
Weight Cost Debt = 100% - 0.6011 = 0.3989
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) = 2.89
β = -0.1615
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1615 * 5.94 + 0 = 0.0193
WACC = (16.85 / 448.08) * (100% - 0.6011) * (1 - 0.21) + 0.0193 + 0.6011 = 2.96
Terminal Value = Discount (0.2372 * (1 + -1.47) / (2.96 - -1.47)) = -0.0645
Company Value = ∑ (0.2372 / (1 + 2.96) ^ 5) = 3.22
Price = (Terminal Value + Company Value) / Count shares = (-0.0645 + 3.22) / 119896410000 = 0.0263