SSE: 600438 - Tongwei 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 = 3.02
CAGR EPS = 34.75%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 25.43 + (25.43 * 34.75% / 100) = 34.27

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) = 249.23
Ebitda Yield = 0.4078
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 = 0.109
Debt = 36.8
Market Cap = 146.09
Weight Debt = Market Cap / (Market Cap + Debt) = 146.09 / (146.09 + 36.8) = 0.7988
Weight Cost Debt = 100% - 0.7988 = 0.2012
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) = 2.6
β = 1.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.99 * 5.94 + 0 = 0.1444
WACC = (0.109 / 36.8) * (100% - 0.7988) * (1 - 0.21) + 0.1444 + 0.7988 = 0.3475
Terminal Value = Discount (249.23 * (1 + 0.4078) / (0.3475 - 0.4078)) = 852.85
Company Value = ∑ (249.23 / (1 + 0.3475) ^ 5) = 695.92
Price = (Terminal Value + Company Value) / Count shares = (852.85 + 695.92) / 4501970000 = 344.02

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) = -14.63
FCF Yield = 0.2044
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 = 0.109
Debt = 36.8
Market Cap = 146.09
Weight Debt = Market Cap / (Market Cap + Debt) = 146.09 / (146.09 + 36.8) = 0.7988
Weight Cost Debt = 100% - 0.7988 = 0.2012
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) = 2.6
β = 1.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.99 * 5.94 + 0 = 0.1444
WACC = (0.109 / 36.8) * (100% - 0.7988) * (1 - 0.21) + 0.1444 + 0.7988 = 0.3475
Terminal Value = Discount (-14.63 * (1 + 0.2044) / (0.3475 - 0.2044)) = -86.19
Company Value = ∑ (-14.63 / (1 + 0.3475) ^ 5) = -51.58
Price = (Terminal Value + Company Value) / Count shares = (-86.19 + -51.58) / 4501970000 = -30.6