SSE: 600760 - AVIC Shenyang Aircraft 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 = 1.09
CAGR EPS = 11.73%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.09 * (1 + 11.73%) / (0.0433 * 2) = 14.08

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) = 4.27
Ebitda Yield = 0.0917
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 = 0.0028
Debt = 0.168
Market Cap = 121.64
Weight Debt = Market Cap / (Market Cap + Debt) = 121.64 / (121.64 + 0.168) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -0.2816
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2816 * 5.94 + 0 = 0.0133
WACC = (0.0028 / 0.168) * (100% - 0.9986) * (1 - 0.21) + 0.0133 + 0.9986 = 1.34
Terminal Value = Discount (4.27 * (1 + 0.0917) / (1.34 - 0.0917)) = 55.59
Company Value = ∑ (4.27 / (1 + 1.34) ^ 5) = 17.29
Price = (Terminal Value + Company Value) / Count shares = (55.59 + 17.29) / 2755700000 = 26.45

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) = 3.31
FCF Yield = 0.1849
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 = 0.0028
Debt = 0.168
Market Cap = 121.64
Weight Debt = Market Cap / (Market Cap + Debt) = 121.64 / (121.64 + 0.168) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -0.2816
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2816 * 5.94 + 0 = 0.0133
WACC = (0.0028 / 0.168) * (100% - 0.9986) * (1 - 0.21) + 0.0133 + 0.9986 = 1.34
Terminal Value = Discount (3.31 * (1 + 0.1849) / (1.34 - 0.1849)) = 21.37
Company Value = ∑ (3.31 / (1 + 1.34) ^ 5) = 11.59
Price = (Terminal Value + Company Value) / Count shares = (21.37 + 11.59) / 2755700000 = 11.96