SSE: 600641 - Shanghai Wanye Enterprises 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 = 0.1624
CAGR EPS = -23.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1624 * (1 + -23.11%) / (0.0433 * 2) = 1.44

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) = 0.4587
Ebitda Yield = -0.0484
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 = 0.014
Debt = 0.3894
Market Cap = 17.23
Weight Debt = Market Cap / (Market Cap + Debt) = 17.23 / (17.23 + 0.3894) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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 = (0.014 / 0.3894) * (100% - 0.9779) * (1 - 0.21) + 0.1799 + 0.9779 = 2.99
Terminal Value = Discount (0.4587 * (1 + -0.0484) / (2.99 - -0.0484)) = 4.81
Company Value = ∑ (0.4587 / (1 + 2.99) ^ 5) = 2.33
Price = (Terminal Value + Company Value) / Count shares = (4.81 + 2.33) / 930630000 = 7.68

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) = 1.26
FCF Yield = -2.06
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 = 0.014
Debt = 0.3894
Market Cap = 17.23
Weight Debt = Market Cap / (Market Cap + Debt) = 17.23 / (17.23 + 0.3894) = 0.9779
Weight Cost Debt = 100% - 0.9779 = 0.0221
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 = (0.014 / 0.3894) * (100% - 0.9779) * (1 - 0.21) + 0.1799 + 0.9779 = 2.99
Terminal Value = Discount (1.26 * (1 + -2.06) / (2.99 - -2.06)) = -0.5529
Company Value = ∑ (1.26 / (1 + 2.99) ^ 5) = 1.03
Price = (Terminal Value + Company Value) / Count shares = (-0.5529 + 1.03) / 930630000 = 0.5096