SSE: 600809 - Shanxi Xinghuacun Fen Wine Factory 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 = 8.56
CAGR EPS = 34.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.56 * (1 + 34.97%) / (0.0433 * 2) = 133.35

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) = 39.64
Ebitda Yield = 0.2627
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 = 0.0397
Debt = 1.13
Market Cap = 275.42
Weight Debt = Market Cap / (Market Cap + Debt) = 275.42 / (275.42 + 1.13) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.82
β = 0.0705
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0705 * 5.94 + 0 = 0.0324
WACC = (0.0397 / 1.13) * (100% - 0.9959) * (1 - 0.21) + 0.0324 + 0.9959 = 2.78
Terminal Value = Discount (39.64 * (1 + 0.2627) / (2.78 - 0.2627)) = 185.8
Company Value = ∑ (39.64 / (1 + 2.78) ^ 5) = 119.41
Price = (Terminal Value + Company Value) / Count shares = (185.8 + 119.41) / 1219960000 = 250.17

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) = 13.32
FCF Yield = 0.146
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 = 0.0397
Debt = 1.13
Market Cap = 275.42
Weight Debt = Market Cap / (Market Cap + Debt) = 275.42 / (275.42 + 1.13) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.82
β = 0.0705
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0705 * 5.94 + 0 = 0.0324
WACC = (0.0397 / 1.13) * (100% - 0.9959) * (1 - 0.21) + 0.0324 + 0.9959 = 2.78
Terminal Value = Discount (13.32 * (1 + 0.146) / (2.78 - 0.146)) = 112.63
Company Value = ∑ (13.32 / (1 + 2.78) ^ 5) = 47.27
Price = (Terminal Value + Company Value) / Count shares = (112.63 + 47.27) / 1219960000 = 131.06