SSE: 600301 - Nanning Chemical Industry 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 = 0.4956
CAGR EPS = 78.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4956 * (1 + 78.05%) / (0.0433 * 2) = 10.19

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) = 3.33
Ebitda Yield = 0.7469
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 = 0.086
Debt = 2.67
Market Cap = 10.75
Weight Debt = Market Cap / (Market Cap + Debt) = 10.75 / (10.75 + 2.67) = 0.801
Weight Cost Debt = 100% - 0.801 = 0.199
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) = 2.75
β = 0.9572
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9572 * 5.94 + 0 = 0.0844
WACC = (0.086 / 2.67) * (100% - 0.801) * (1 - 0.21) + 0.0844 + 0.801 = 2.59
Terminal Value = Discount (3.33 * (1 + 0.7469) / (2.59 - 0.7469)) = 7.1
Company Value = ∑ (3.33 / (1 + 2.59) ^ 5) = 6.6
Price = (Terminal Value + Company Value) / Count shares = (7.1 + 6.6) / 632570000 = 21.66

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) = 11.71
FCF Yield = 0.7073
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 = 0.086
Debt = 2.67
Market Cap = 10.75
Weight Debt = Market Cap / (Market Cap + Debt) = 10.75 / (10.75 + 2.67) = 0.801
Weight Cost Debt = 100% - 0.801 = 0.199
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) = 2.75
β = 0.9572
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9572 * 5.94 + 0 = 0.0844
WACC = (0.086 / 2.67) * (100% - 0.801) * (1 - 0.21) + 0.0844 + 0.801 = 2.59
Terminal Value = Discount (11.71 * (1 + 0.7073) / (2.59 - 0.7073)) = 25.82
Company Value = ∑ (11.71 / (1 + 2.59) ^ 5) = 23.8
Price = (Terminal Value + Company Value) / Count shares = (25.82 + 23.8) / 632570000 = 78.45