SSE: 600741 - HUAYU Automotive Systems Company 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 = 2.29
CAGR EPS = 2.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.23 + (17.23 * 2.15% / 100) = 17.6

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) = 6.62
Ebitda Yield = -0.0654
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 = 0.1084
Debt = 18.18
Market Cap = 57.73
Weight Debt = Market Cap / (Market Cap + Debt) = 57.73 / (57.73 + 18.18) = 0.7605
Weight Cost Debt = 100% - 0.7605 = 0.2395
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 = 0.3201
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.3201 * 5.94 + 0 = 0.049
WACC = (0.1084 / 18.18) * (100% - 0.7605) * (1 - 0.21) + 0.049 + 0.7605 = 0.5049
Terminal Value = Discount (6.62 * (1 + -0.0654) / (0.5049 - -0.0654)) = 85.53
Company Value = ∑ (6.62 / (1 + 0.5049) ^ 5) = 37.5
Price = (Terminal Value + Company Value) / Count shares = (85.53 + 37.5) / 3152720000 = 39.02

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) = 9.5
FCF Yield = 0.0815
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 = 0.1084
Debt = 18.18
Market Cap = 57.73
Weight Debt = Market Cap / (Market Cap + Debt) = 57.73 / (57.73 + 18.18) = 0.7605
Weight Cost Debt = 100% - 0.7605 = 0.2395
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 = 0.3201
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.3201 * 5.94 + 0 = 0.049
WACC = (0.1084 / 18.18) * (100% - 0.7605) * (1 - 0.21) + 0.049 + 0.7605 = 0.5049
Terminal Value = Discount (9.5 * (1 + 0.0815) / (0.5049 - 0.0815)) = 130.94
Company Value = ∑ (9.5 / (1 + 0.5049) ^ 5) = 40.2
Price = (Terminal Value + Company Value) / Count shares = (130.94 + 40.2) / 3152720000 = 54.28