SSE: 600036 - China Merchants Bank Co., Ltd.

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 = 5.81
CAGR EPS = 9.94%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 34.13 + (34.13 * 9.94% / 100) = 37.52

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) = 404.38
Ebitda Yield = 0.0373
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 = 160.94
Debt = 859.08
Market Cap = 789.81
Weight Debt = Market Cap / (Market Cap + Debt) = 789.81 / (789.81 + 859.08) = 0.479
Weight Cost Debt = 100% - 0.479 = 0.521
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) = 2.6
β = 0.9347
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.9347 * 5.94 + 0 = 0.0815
WACC = (160.94 / 859.08) * (100% - 0.479) * (1 - 0.21) + 0.0815 + 0.479 = 14.77
Terminal Value = Discount (404.38 * (1 + 0.0373) / (14.77 - 0.0373)) = 1909.37
Company Value = ∑ (404.38 / (1 + 14.77) ^ 5) = 1255.68
Price = (Terminal Value + Company Value) / Count shares = (1909.37 + 1255.68) / 25219850000 = 125.5

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) = 6762.01
FCF Yield = 0.7216
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 = 160.94
Debt = 859.08
Market Cap = 789.81
Weight Debt = Market Cap / (Market Cap + Debt) = 789.81 / (789.81 + 859.08) = 0.479
Weight Cost Debt = 100% - 0.479 = 0.521
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) = 2.6
β = 0.9347
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.9347 * 5.94 + 0 = 0.0815
WACC = (160.94 / 859.08) * (100% - 0.479) * (1 - 0.21) + 0.0815 + 0.479 = 14.77
Terminal Value = Discount (6762.01 * (1 + 0.7216) / (14.77 - 0.7216)) = 10187.16
Company Value = ∑ (6762.01 / (1 + 14.77) ^ 5) = 8845.93
Price = (Terminal Value + Company Value) / Count shares = (10187.16 + 8845.93) / 25219850000 = 754.69