SSE: 600188 - Yankuang Energy Group Company Limited

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 = 2.13
CAGR EPS = 2.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.05 + (17.05 * 2.05% / 100) = 17.4

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) = 86.06
Ebitda Yield = 0.122
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 = 4.49
Debt = 76.57
Market Cap = 106.33
Weight Debt = Market Cap / (Market Cap + Debt) = 106.33 / (106.33 + 76.57) = 0.5814
Weight Cost Debt = 100% - 0.5814 = 0.4186
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 = -1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.33 * 5.94 + 0 = -0.0504
WACC = (4.49 / 76.57) * (100% - 0.5814) * (1 - 0.21) + -0.0504 + 0.5814 = 4.58
Terminal Value = Discount (86.06 * (1 + 0.122) / (4.58 - 0.122)) = 1012.38
Company Value = ∑ (86.06 / (1 + 4.58) ^ 5) = 300.31
Price = (Terminal Value + Company Value) / Count shares = (1012.38 + 300.31) / 7439370000 = 176.45

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) = 0.0102
FCF Yield = -1.35
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 = 4.49
Debt = 76.57
Market Cap = 106.33
Weight Debt = Market Cap / (Market Cap + Debt) = 106.33 / (106.33 + 76.57) = 0.5814
Weight Cost Debt = 100% - 0.5814 = 0.4186
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 = -1.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.33 * 5.94 + 0 = -0.0504
WACC = (4.49 / 76.57) * (100% - 0.5814) * (1 - 0.21) + -0.0504 + 0.5814 = 4.58
Terminal Value = Discount (0.0102 * (1 + -1.35) / (4.58 - -1.35)) = -0.002
Company Value = ∑ (0.0102 / (1 + 4.58) ^ 5) = 0.5064
Price = (Terminal Value + Company Value) / Count shares = (-0.002 + 0.5064) / 7439370000 = 0.0678