SSE: 600519 - Kweichow Moutai 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 = 59.49
CAGR EPS = 12.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 59.49 * (1 + 12.65%) / (0.0433 * 2) = 773.86

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) = 131.25
Ebitda Yield = 0.0719
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 = 0.0126
Debt = 0.387
Market Cap = 2260
Weight Debt = Market Cap / (Market Cap + Debt) = 2260 / (2260 + 0.387) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = 1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.5 * 5.94 + 0 = 0.1179
WACC = (0.0126 / 0.387) * (100% - 0.9998) * (1 - 0.21) + 0.1179 + 0.9998 = 2.67
Terminal Value = Discount (131.25 * (1 + 0.0719) / (2.67 - 0.0719)) = 2726.54
Company Value = ∑ (131.25 / (1 + 2.67) ^ 5) = 528.71
Price = (Terminal Value + Company Value) / Count shares = (2726.54 + 528.71) / 1256200000 = 2591.34

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) = 89.72
FCF Yield = 0.07
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 = 0.0126
Debt = 0.387
Market Cap = 2260
Weight Debt = Market Cap / (Market Cap + Debt) = 2260 / (2260 + 0.387) = 0.9998
Weight Cost Debt = 100% - 0.9998 = 0.00019999999999998
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 = 1.5
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.5 * 5.94 + 0 = 0.1179
WACC = (0.0126 / 0.387) * (100% - 0.9998) * (1 - 0.21) + 0.1179 + 0.9998 = 2.67
Terminal Value = Discount (89.72 * (1 + 0.07) / (2.67 - 0.07)) = 1943.73
Company Value = ∑ (89.72 / (1 + 2.67) ^ 5) = 362.68
Price = (Terminal Value + Company Value) / Count shares = (1943.73 + 362.68) / 1256200000 = 1836.02