SSE: 600690 - Haier Smart Home 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 = 1.81
CAGR EPS = 6.85%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.81 * (1 + 6.85%) / (0.0458 * 2) = 21.12

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) = 18.5
Ebitda Yield = -0.0109
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 = 2.11
Debt = 30.25
Market Cap = 210.02
Weight Debt = Market Cap / (Market Cap + Debt) = 210.02 / (210.02 + 30.25) = 0.8741
Weight Cost Debt = 100% - 0.8741 = 0.1259
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) = 2.6
β = 0.6175
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.6175 * 5.94 + 0 = 0.0627
WACC = (2.11 / 30.25) * (100% - 0.8741) * (1 - 0.21) + 0.0627 + 0.8741 = 5.52
Terminal Value = Discount (18.5 * (1 + -0.0109) / (5.52 - -0.0109)) = 211.59
Company Value = ∑ (18.5 / (1 + 5.52) ^ 5) = 80.8
Price = (Terminal Value + Company Value) / Count shares = (211.59 + 80.8) / 9167100000 = 31.9

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) = 23.89
FCF Yield = 0.0924
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 = 2.11
Debt = 30.25
Market Cap = 210.02
Weight Debt = Market Cap / (Market Cap + Debt) = 210.02 / (210.02 + 30.25) = 0.8741
Weight Cost Debt = 100% - 0.8741 = 0.1259
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) = 2.6
β = 0.6175
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.6175 * 5.94 + 0 = 0.0627
WACC = (2.11 / 30.25) * (100% - 0.8741) * (1 - 0.21) + 0.0627 + 0.8741 = 5.52
Terminal Value = Discount (23.89 * (1 + 0.0924) / (5.52 - 0.0924)) = 535.46
Company Value = ∑ (23.89 / (1 + 5.52) ^ 5) = 85.3
Price = (Terminal Value + Company Value) / Count shares = (535.46 + 85.3) / 9167100000 = 67.72