SSE: 600196 - Shanghai Fosun Pharmaceutical (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 = 0.8929
CAGR EPS = -7.24%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8929 * (1 + -7.24%) / (0.0433 * 2) = 9.56

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 5.44
Ebitda Yield = -0.0231
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 = 1.32
Debt = 30.78
Market Cap = 70.67
Weight Debt = Market Cap / (Market Cap + Debt) = 70.67 / (70.67 + 30.78) = 0.6966
Weight Cost Debt = 100% - 0.6966 = 0.3034
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 = -0.2905
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2905 * 5.94 + 0 = 0.0127
WACC = (1.32 / 30.78) * (100% - 0.6966) * (1 - 0.21) + 0.0127 + 0.6966 = 3.39
Terminal Value = Discount (5.44 * (1 + -0.0231) / (3.39 - -0.0231)) = 79
Company Value = ∑ (5.44 / (1 + 3.39) ^ 5) = 25.86
Price = (Terminal Value + Company Value) / Count shares = (79 + 25.86) / 2672400000 = 39.24

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) = -4.19
FCF Yield = 0.1684
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 = 1.32
Debt = 30.78
Market Cap = 70.67
Weight Debt = Market Cap / (Market Cap + Debt) = 70.67 / (70.67 + 30.78) = 0.6966
Weight Cost Debt = 100% - 0.6966 = 0.3034
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 = -0.2905
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2905 * 5.94 + 0 = 0.0127
WACC = (1.32 / 30.78) * (100% - 0.6966) * (1 - 0.21) + 0.0127 + 0.6966 = 3.39
Terminal Value = Discount (-4.19 * (1 + 0.1684) / (3.39 - 0.1684)) = -30.78
Company Value = ∑ (-4.19 / (1 + 3.39) ^ 5) = -14.08
Price = (Terminal Value + Company Value) / Count shares = (-30.78 + -14.08) / 2672400000 = -16.79