SSE: 600170 - Shanghai Construction Group Co., Ltd.

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 = 0.1753
CAGR EPS = -16.64%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1753 * (1 + -16.64%) / (0.0433 * 2) = 1.69

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) = 4.34
Ebitda Yield = -0.0703
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 = 0.4225
Debt = 88.44
Market Cap = 23.19
Weight Debt = Market Cap / (Market Cap + Debt) = 23.19 / (23.19 + 88.44) = 0.2077
Weight Cost Debt = 100% - 0.2077 = 0.7923
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) = 2.89
β = -4.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.61 * 5.94 + 0 = -0.245
WACC = (0.4225 / 88.44) * (100% - 0.2077) * (1 - 0.21) + -0.245 + 0.2077 = 0.3257
Terminal Value = Discount (4.34 * (1 + -0.0703) / (0.3257 - -0.0703)) = 53.96
Company Value = ∑ (4.34 / (1 + 0.3257) ^ 5) = 25.01
Price = (Terminal Value + Company Value) / Count shares = (53.96 + 25.01) / 8885940000 = 8.89

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) = 161.25
FCF Yield = 0.4731
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 = 0.4225
Debt = 88.44
Market Cap = 23.19
Weight Debt = Market Cap / (Market Cap + Debt) = 23.19 / (23.19 + 88.44) = 0.2077
Weight Cost Debt = 100% - 0.2077 = 0.7923
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) = 2.89
β = -4.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.61 * 5.94 + 0 = -0.245
WACC = (0.4225 / 88.44) * (100% - 0.2077) * (1 - 0.21) + -0.245 + 0.2077 = 0.3257
Terminal Value = Discount (161.25 * (1 + 0.4731) / (0.3257 - 0.4731)) = 497.42
Company Value = ∑ (161.25 / (1 + 0.3257) ^ 5) = 424.53
Price = (Terminal Value + Company Value) / Count shares = (497.42 + 424.53) / 8885940000 = 103.75