SSE: 600104 - SAIC Motor Corporation Limited

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 = 1.21
CAGR EPS = -11.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.21 * (1 + -11.23%) / (0.0433 * 2) = 12.38

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) = 16.22
Ebitda Yield = -0.103
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 = 2.99
Debt = 183.88
Market Cap = 166.02
Weight Debt = Market Cap / (Market Cap + Debt) = 166.02 / (166.02 + 183.88) = 0.4745
Weight Cost Debt = 100% - 0.4745 = 0.5255
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 = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.0445
WACC = (2.99 / 183.88) * (100% - 0.4745) * (1 - 0.21) + -0.0445 + 0.4745 = 1.26
Terminal Value = Discount (16.22 * (1 + -0.103) / (1.26 - -0.103)) = 118.32
Company Value = ∑ (16.22 / (1 + 1.26) ^ 5) = 98.5
Price = (Terminal Value + Company Value) / Count shares = (118.32 + 98.5) / 11683460000 = 18.56

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) = 26.28
FCF Yield = 0.0277
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 = 2.99
Debt = 183.88
Market Cap = 166.02
Weight Debt = Market Cap / (Market Cap + Debt) = 166.02 / (166.02 + 183.88) = 0.4745
Weight Cost Debt = 100% - 0.4745 = 0.5255
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 = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.0445
WACC = (2.99 / 183.88) * (100% - 0.4745) * (1 - 0.21) + -0.0445 + 0.4745 = 1.26
Terminal Value = Discount (26.28 * (1 + 0.0277) / (1.26 - 0.0277)) = 1675.85
Company Value = ∑ (26.28 / (1 + 1.26) ^ 5) = 119.87
Price = (Terminal Value + Company Value) / Count shares = (1675.85 + 119.87) / 11683460000 = 153.7