SSE: 600219 - Shandong Nanshan Aluminium Co.,Ltd.

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 = 0.2967
CAGR EPS = 16.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.46 + (3.46 * 16.92% / 100) = 4.04

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) = 4.19
Ebitda Yield = -0.0041
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 = 0.2977
Debt = 7.91
Market Cap = 35.01
Weight Debt = Market Cap / (Market Cap + Debt) = 35.01 / (35.01 + 7.91) = 0.8157
Weight Cost Debt = 100% - 0.8157 = 0.1843
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 = 0.7043
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7043 * 5.94 + 0 = 0.0707
WACC = (0.2977 / 7.91) * (100% - 0.8157) * (1 - 0.21) + 0.0707 + 0.8157 = 3.01
Terminal Value = Discount (4.19 * (1 + -0.0041) / (3.01 - -0.0041)) = 105.55
Company Value = ∑ (4.19 / (1 + 3.01) ^ 5) = 19.36
Price = (Terminal Value + Company Value) / Count shares = (105.55 + 19.36) / 11708550000 = 10.67

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) = 3.31
FCF Yield = 0.1029
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 = 0.2977
Debt = 7.91
Market Cap = 35.01
Weight Debt = Market Cap / (Market Cap + Debt) = 35.01 / (35.01 + 7.91) = 0.8157
Weight Cost Debt = 100% - 0.8157 = 0.1843
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 = 0.7043
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7043 * 5.94 + 0 = 0.0707
WACC = (0.2977 / 7.91) * (100% - 0.8157) * (1 - 0.21) + 0.0707 + 0.8157 = 3.01
Terminal Value = Discount (3.31 * (1 + 0.1029) / (3.01 - 0.1029)) = 43.22
Company Value = ∑ (3.31 / (1 + 3.01) ^ 5) = 12.5
Price = (Terminal Value + Company Value) / Count shares = (43.22 + 12.5) / 11708550000 = 4.76