SSE: 600348 - Shan Xi Huayang Group New Energy 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 = 1.44
CAGR EPS = 15.21%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.77 + (8.77 * 15.21% / 100) = 10.1

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) = 24.97
Ebitda Yield = 0.1582
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 = 0.5845
Debt = 20.24
Market Cap = 27.38
Weight Debt = Market Cap / (Market Cap + Debt) = 27.38 / (27.38 + 20.24) = 0.575
Weight Cost Debt = 100% - 0.575 = 0.425
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 = 0.2386
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.2386 * 5.94 + 0 = 0.0431
WACC = (0.5845 / 20.24) * (100% - 0.575) * (1 - 0.21) + 0.0431 + 0.575 = 2.29
Terminal Value = Discount (24.97 * (1 + 0.1582) / (2.29 - 0.1582)) = 190.87
Company Value = ∑ (24.97 / (1 + 2.29) ^ 5) = 88.29
Price = (Terminal Value + Company Value) / Count shares = (190.87 + 88.29) / 3607500000 = 77.38

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) = 0.2407
FCF Yield = -0.0708
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 = 0.5845
Debt = 20.24
Market Cap = 27.38
Weight Debt = Market Cap / (Market Cap + Debt) = 27.38 / (27.38 + 20.24) = 0.575
Weight Cost Debt = 100% - 0.575 = 0.425
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 = 0.2386
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.2386 * 5.94 + 0 = 0.0431
WACC = (0.5845 / 20.24) * (100% - 0.575) * (1 - 0.21) + 0.0431 + 0.575 = 2.29
Terminal Value = Discount (0.2407 * (1 + -0.0708) / (2.29 - -0.0708)) = 2.13
Company Value = ∑ (0.2407 / (1 + 2.29) ^ 5) = 1.31
Price = (Terminal Value + Company Value) / Count shares = (2.13 + 1.31) / 3607500000 = 0.9546