SSE: 600150 - China CSSC Holdings 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 = 0.6613
CAGR EPS = 17.62%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.6613 * (1 + 17.62%) / (0.0458 * 2) = 8.49

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) = 4.8
Ebitda Yield = 0.1146
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 = 0.5403
Debt = 29
Market Cap = 144.64
Weight Debt = Market Cap / (Market Cap + Debt) = 144.64 / (144.64 + 29) = 0.833
Weight Cost Debt = 100% - 0.833 = 0.167
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) = 2.75
β = -0.3257
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3257 * 5.94 + 0 = 0.0082
WACC = (0.5403 / 29) * (100% - 0.833) * (1 - 0.21) + 0.0082 + 0.833 = 1.47
Terminal Value = Discount (4.8 * (1 + 0.1146) / (1.47 - 0.1146)) = 49.78
Company Value = ∑ (4.8 / (1 + 1.47) ^ 5) = 18.65
Price = (Terminal Value + Company Value) / Count shares = (49.78 + 18.65) / 4472430000 = 15.3

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) = 348.51
FCF Yield = 0.8568
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 = 0.5403
Debt = 29
Market Cap = 144.64
Weight Debt = Market Cap / (Market Cap + Debt) = 144.64 / (144.64 + 29) = 0.833
Weight Cost Debt = 100% - 0.833 = 0.167
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) = 2.75
β = -0.3257
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.3257 * 5.94 + 0 = 0.0082
WACC = (0.5403 / 29) * (100% - 0.833) * (1 - 0.21) + 0.0082 + 0.833 = 1.47
Terminal Value = Discount (348.51 * (1 + 0.8568) / (1.47 - 0.8568)) = 714.49
Company Value = ∑ (348.51 / (1 + 1.47) ^ 5) = 679.67
Price = (Terminal Value + Company Value) / Count shares = (714.49 + 679.67) / 4472430000 = 311.72