SSE: 600685 - CSSC Offshore & Marine Engineering (Group) 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 = 0.034
CAGR EPS = -38.55%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.034 * (1 + -38.55%) / (0.0433 * 2) = 0.2413

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) = 0.3889
Ebitda Yield = -0.141
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 = 0.1147
Debt = 5.53
Market Cap = 30.57
Weight Debt = Market Cap / (Market Cap + Debt) = 30.57 / (30.57 + 5.53) = 0.8468
Weight Cost Debt = 100% - 0.8468 = 0.1532
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) = 3
β = -0.5975
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.5975 * 5.94 + 0 = -0.0055
WACC = (0.1147 / 5.53) * (100% - 0.8468) * (1 - 0.21) + -0.0055 + 0.8468 = 1.62
Terminal Value = Discount (0.3889 * (1 + -0.141) / (1.62 - -0.141)) = 1.96
Company Value = ∑ (0.3889 / (1 + 1.62) ^ 5) = 2.58
Price = (Terminal Value + Company Value) / Count shares = (1.96 + 2.58) / 1413510000 = 3.21

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) = 2.67
FCF Yield = -0.0061
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 = 0.1147
Debt = 5.53
Market Cap = 30.57
Weight Debt = Market Cap / (Market Cap + Debt) = 30.57 / (30.57 + 5.53) = 0.8468
Weight Cost Debt = 100% - 0.8468 = 0.1532
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) = 3
β = -0.5975
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.5975 * 5.94 + 0 = -0.0055
WACC = (0.1147 / 5.53) * (100% - 0.8468) * (1 - 0.21) + -0.0055 + 0.8468 = 1.62
Terminal Value = Discount (2.67 * (1 + -0.0061) / (1.62 - -0.0061)) = 109.96
Company Value = ∑ (2.67 / (1 + 1.62) ^ 5) = 12.91
Price = (Terminal Value + Company Value) / Count shares = (109.96 + 12.91) / 1413510000 = 86.92