SSE: 600285 - Henan Lingrui Pharmaceutical 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 = 1
CAGR EPS = 14.08%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1 * (1 + 14.08%) / (0.0433 * 2) = 13.2

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) = 0.6534
Ebitda Yield = 0.0404
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 = 0.00018
Debt = 0.0887
Market Cap = 8.5
Weight Debt = Market Cap / (Market Cap + Debt) = 8.5 / (8.5 + 0.0887) = 0.9897
Weight Cost Debt = 100% - 0.9897 = 0.0103
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 = -0.1322
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1322 * 5.94 + 0 = 0.021
WACC = (0.00018 / 0.0887) * (100% - 0.9897) * (1 - 0.21) + 0.021 + 0.9897 = 0.1794
Terminal Value = Discount (0.6534 * (1 + 0.0404) / (0.1794 - 0.0404)) = 17.44
Company Value = ∑ (0.6534 / (1 + 0.1794) ^ 5) = 3.01
Price = (Terminal Value + Company Value) / Count shares = (17.44 + 3.01) / 567140000 = 36.05

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) = 1.4
FCF Yield = 0.1213
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 = 0.00018
Debt = 0.0887
Market Cap = 8.5
Weight Debt = Market Cap / (Market Cap + Debt) = 8.5 / (8.5 + 0.0887) = 0.9897
Weight Cost Debt = 100% - 0.9897 = 0.0103
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 = -0.1322
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.1322 * 5.94 + 0 = 0.021
WACC = (0.00018 / 0.0887) * (100% - 0.9897) * (1 - 0.21) + 0.021 + 0.9897 = 0.1794
Terminal Value = Discount (1.4 * (1 + 0.1213) / (0.1794 - 0.1213)) = 13.06
Company Value = ∑ (1.4 / (1 + 0.1794) ^ 5) = 5.63
Price = (Terminal Value + Company Value) / Count shares = (13.06 + 5.63) / 567140000 = 32.94