SSE: 600039 - Sichuan Road & Bridge 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 = 1.03
CAGR EPS = 16.99%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 7.79 + (7.79 * 16.99% / 100) = 9.11

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) = 52.34
Ebitda Yield = 0.2428
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 = 2.81
Debt = 61.52
Market Cap = 83.23
Weight Debt = Market Cap / (Market Cap + Debt) = 83.23 / (83.23 + 61.52) = 0.575
Weight Cost Debt = 100% - 0.575 = 0.425
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 = 0.4732
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.4732 * 5.94 + 0 = 0.0541
WACC = (2.81 / 61.52) * (100% - 0.575) * (1 - 0.21) + 0.0541 + 0.575 = 3.61
Terminal Value = Discount (52.34 * (1 + 0.2428) / (3.61 - 0.2428)) = 263.51
Company Value = ∑ (52.34 / (1 + 3.61) ^ 5) = 157.39
Price = (Terminal Value + Company Value) / Count shares = (263.51 + 157.39) / 8715580000 = 48.29

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) = -50.32
FCF Yield = 0.3853
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 = 2.81
Debt = 61.52
Market Cap = 83.23
Weight Debt = Market Cap / (Market Cap + Debt) = 83.23 / (83.23 + 61.52) = 0.575
Weight Cost Debt = 100% - 0.575 = 0.425
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 = 0.4732
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.4732 * 5.94 + 0 = 0.0541
WACC = (2.81 / 61.52) * (100% - 0.575) * (1 - 0.21) + 0.0541 + 0.575 = 3.61
Terminal Value = Discount (-50.32 * (1 + 0.3853) / (3.61 - 0.3853)) = -167.18
Company Value = ∑ (-50.32 / (1 + 3.61) ^ 5) = -128.05
Price = (Terminal Value + Company Value) / Count shares = (-167.18 + -128.05) / 8715580000 = -33.87