SSE: 600642 - Shenergy Company Limited

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 = 0.7067
CAGR EPS = 8.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.7067 * (1 + 8.71%) / (0.0433 * 2) = 8.87

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) = 2.09
Ebitda Yield = -0.092
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 = 1.31
Debt = 43.21
Market Cap = 31.81
Weight Debt = Market Cap / (Market Cap + Debt) = 31.81 / (31.81 + 43.21) = 0.424
Weight Cost Debt = 100% - 0.424 = 0.576
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) = 2.39
β = 0.3606
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.3606 * 5.94 + 0 = 0.0453
WACC = (1.31 / 43.21) * (100% - 0.424) * (1 - 0.21) + 0.0453 + 0.424 = 2.4
Terminal Value = Discount (2.09 * (1 + -0.092) / (2.4 - -0.092)) = 14.49
Company Value = ∑ (2.09 / (1 + 2.4) ^ 5) = 11.95
Price = (Terminal Value + Company Value) / Count shares = (14.49 + 11.95) / 4894330000 = 5.4

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) = 7.24
FCF Yield = 0.161
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 = 1.31
Debt = 43.21
Market Cap = 31.81
Weight Debt = Market Cap / (Market Cap + Debt) = 31.81 / (31.81 + 43.21) = 0.424
Weight Cost Debt = 100% - 0.424 = 0.576
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) = 2.39
β = 0.3606
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.3606 * 5.94 + 0 = 0.0453
WACC = (1.31 / 43.21) * (100% - 0.424) * (1 - 0.21) + 0.0453 + 0.424 = 2.4
Terminal Value = Discount (7.24 * (1 + 0.161) / (2.4 - 0.161)) = 54.49
Company Value = ∑ (7.24 / (1 + 2.4) ^ 5) = 25.4
Price = (Terminal Value + Company Value) / Count shares = (54.49 + 25.4) / 4894330000 = 16.32