SSE: 600031 - Sany Heavy Industry 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 = 0.5335
CAGR EPS = -16.7%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5335 * (1 + -16.7%) / (0.0433 * 2) = 5.13

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) = 2.41
Ebitda Yield = -0.1531
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 = 1.01
Debt = 36.17
Market Cap = 133.66
Weight Debt = Market Cap / (Market Cap + Debt) = 133.66 / (133.66 + 36.17) = 0.787
Weight Cost Debt = 100% - 0.787 = 0.213
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) = 2.39
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.43 * 5.94 + 0 = 0.1088
WACC = (1.01 / 36.17) * (100% - 0.787) * (1 - 0.21) + 0.1088 + 0.787 = 2.28
Terminal Value = Discount (2.41 * (1 + -0.1531) / (2.28 - -0.1531)) = 10.38
Company Value = ∑ (2.41 / (1 + 2.28) ^ 5) = 16.29
Price = (Terminal Value + Company Value) / Count shares = (10.38 + 16.29) / 8485740000 = 3.14

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) = 0.218
FCF Yield = -0.287
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 = 1.01
Debt = 36.17
Market Cap = 133.66
Weight Debt = Market Cap / (Market Cap + Debt) = 133.66 / (133.66 + 36.17) = 0.787
Weight Cost Debt = 100% - 0.787 = 0.213
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) = 2.39
β = 1.43
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 1.43 * 5.94 + 0 = 0.1088
WACC = (1.01 / 36.17) * (100% - 0.787) * (1 - 0.21) + 0.1088 + 0.787 = 2.28
Terminal Value = Discount (0.218 * (1 + -0.287) / (2.28 - -0.287)) = 0.4481
Company Value = ∑ (0.218 / (1 + 2.28) ^ 5) = 2.27
Price = (Terminal Value + Company Value) / Count shares = (0.4481 + 2.27) / 8485740000 = 0.3208