SSE: 600048 - Poly Developments and Holdings Group 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 = 1.01
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.34 + (9.34 * 8.66% / 100) = 10.15

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) = 31.88
Ebitda Yield = -0.0491
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 = 6.57
Debt = 375.17
Market Cap = 169.5
Weight Debt = Market Cap / (Market Cap + Debt) = 169.5 / (169.5 + 375.17) = 0.3112
Weight Cost Debt = 100% - 0.3112 = 0.6888
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) = 3
β = -0.9253
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9253 * 5.94 + 0 = -0.025
WACC = (6.57 / 375.17) * (100% - 0.3112) * (1 - 0.21) + -0.025 + 0.3112 = 1.37
Terminal Value = Discount (31.88 * (1 + -0.0491) / (1.37 - -0.0491)) = 450.61
Company Value = ∑ (31.88 / (1 + 1.37) ^ 5) = 169.93
Price = (Terminal Value + Company Value) / Count shares = (450.61 + 169.93) / 11970440000 = 51.84

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) = 49.4
FCF Yield = 0.0216
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 = 6.57
Debt = 375.17
Market Cap = 169.5
Weight Debt = Market Cap / (Market Cap + Debt) = 169.5 / (169.5 + 375.17) = 0.3112
Weight Cost Debt = 100% - 0.3112 = 0.6888
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) = 3
β = -0.9253
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.9253 * 5.94 + 0 = -0.025
WACC = (6.57 / 375.17) * (100% - 0.3112) * (1 - 0.21) + -0.025 + 0.3112 = 1.37
Terminal Value = Discount (49.4 * (1 + 0.0216) / (1.37 - 0.0216)) = 6016.97
Company Value = ∑ (49.4 / (1 + 1.37) ^ 5) = 227.22
Price = (Terminal Value + Company Value) / Count shares = (6016.97 + 227.22) / 11970440000 = 521.63