SSE: 600845 - Shanghai Baosight Software 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 = 1.06
CAGR EPS = 8.34%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.06 * (1 + 8.34%) / (0.0433 * 2) = 13.29

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) = 4.45
Ebitda Yield = 0.1252
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 = 0.0271
Debt = 0.5107
Market Cap = 107.24
Weight Debt = Market Cap / (Market Cap + Debt) = 107.24 / (107.24 + 0.5107) = 0.9953
Weight Cost Debt = 100% - 0.9953 = 0.0047
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) = 2.39
β = 0.1155
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.1155 * 5.94 + 0 = 0.0308
WACC = (0.0271 / 0.5107) * (100% - 0.9953) * (1 - 0.21) + 0.0308 + 0.9953 = 4.19
Terminal Value = Discount (4.45 * (1 + 0.1252) / (4.19 - 0.1252)) = 49.01
Company Value = ∑ (4.45 / (1 + 4.19) ^ 5) = 15.65
Price = (Terminal Value + Company Value) / Count shares = (49.01 + 15.65) / 2403380000 = 26.9

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) = 126.45
FCF Yield = 1.24
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 = 0.0271
Debt = 0.5107
Market Cap = 107.24
Weight Debt = Market Cap / (Market Cap + Debt) = 107.24 / (107.24 + 0.5107) = 0.9953
Weight Cost Debt = 100% - 0.9953 = 0.0047
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) = 2.39
β = 0.1155
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 0.1155 * 5.94 + 0 = 0.0308
WACC = (0.0271 / 0.5107) * (100% - 0.9953) * (1 - 0.21) + 0.0308 + 0.9953 = 4.19
Terminal Value = Discount (126.45 * (1 + 1.24) / (4.19 - 1.24)) = 192.42
Company Value = ∑ (126.45 / (1 + 4.19) ^ 5) = 188.25
Price = (Terminal Value + Company Value) / Count shares = (192.42 + 188.25) / 2403380000 = 158.39