SSE: 600392 - Shenghe Resources Holding 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 = 0.1898
CAGR EPS = 26.81%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1898 * (1 + 26.81%) / (0.0433 * 2) = 2.78

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) = 3.03
Ebitda Yield = 0.1937
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 = 0.1022
Debt = 3.22
Market Cap = 22.05
Weight Debt = Market Cap / (Market Cap + Debt) = 22.05 / (22.05 + 3.22) = 0.8726
Weight Cost Debt = 100% - 0.8726 = 0.1274
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 = 2.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.54 * 5.94 + 0 = 0.1799
WACC = (0.1022 / 3.22) * (100% - 0.8726) * (1 - 0.21) + 0.1799 + 0.8726 = 2.64
Terminal Value = Discount (3.03 * (1 + 0.1937) / (2.64 - 0.1937)) = 18.98
Company Value = ∑ (3.03 / (1 + 2.64) ^ 5) = 10.06
Price = (Terminal Value + Company Value) / Count shares = (18.98 + 10.06) / 1752830000 = 16.56

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0048
FCF Yield = -1.46
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 = 0.1022
Debt = 3.22
Market Cap = 22.05
Weight Debt = Market Cap / (Market Cap + Debt) = 22.05 / (22.05 + 3.22) = 0.8726
Weight Cost Debt = 100% - 0.8726 = 0.1274
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 = 2.54
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.54 * 5.94 + 0 = 0.1799
WACC = (0.1022 / 3.22) * (100% - 0.8726) * (1 - 0.21) + 0.1799 + 0.8726 = 2.64
Terminal Value = Discount (0.0048 * (1 + -1.46) / (2.64 - -1.46)) = -0.0013
Company Value = ∑ (0.0048 / (1 + 2.64) ^ 5) = 0.0714
Price = (Terminal Value + Company Value) / Count shares = (-0.0013 + 0.0714) / 1752830000 = 0.04