SSE: 600606 - Greenland Holdings Corporation Limited

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 = -0.6799
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.26 + (2.26 * 8.66% / 100) = 2.45

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) = 7.85
Ebitda Yield = -0.13
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 = 8.28
Debt = 215.35
Market Cap = 38.23
Weight Debt = Market Cap / (Market Cap + Debt) = 38.23 / (38.23 + 215.35) = 0.1508
Weight Cost Debt = 100% - 0.1508 = 0.8492
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 = -6.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.42 * 5.94 + 0 = -0.3526
WACC = (8.28 / 215.35) * (100% - 0.1508) * (1 - 0.21) + -0.3526 + 0.1508 = 2.98
Terminal Value = Discount (7.85 * (1 + -0.13) / (2.98 - -0.13)) = 36.93
Company Value = ∑ (7.85 / (1 + 2.98) ^ 5) = 48.86
Price = (Terminal Value + Company Value) / Count shares = (36.93 + 48.86) / 14054220000 = 6.1

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.0231
FCF Yield = -1.39
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 = 8.28
Debt = 215.35
Market Cap = 38.23
Weight Debt = Market Cap / (Market Cap + Debt) = 38.23 / (38.23 + 215.35) = 0.1508
Weight Cost Debt = 100% - 0.1508 = 0.8492
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 = -6.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -6.42 * 5.94 + 0 = -0.3526
WACC = (8.28 / 215.35) * (100% - 0.1508) * (1 - 0.21) + -0.3526 + 0.1508 = 2.98
Terminal Value = Discount (0.0231 * (1 + -1.39) / (2.98 - -1.39)) = -0.0055
Company Value = ∑ (0.0231 / (1 + 2.98) ^ 5) = 0.691
Price = (Terminal Value + Company Value) / Count shares = (-0.0055 + 0.691) / 14054220000 = 0.0488