SSE: 600873 - MeiHua Holdings Group Co.,Ltd

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 = 1.08
CAGR EPS = 27.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.03 + (10.03 * 27.68% / 100) = 12.81

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) = 8.87
Ebitda Yield = 0.1085
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 = 0.1152
Debt = 5.09
Market Cap = 25.96
Weight Debt = Market Cap / (Market Cap + Debt) = 25.96 / (25.96 + 5.09) = 0.8361
Weight Cost Debt = 100% - 0.8361 = 0.1639
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) = 2.89
β = 0.3661
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3661 * 5.94 + 0 = 0.0506
WACC = (0.1152 / 5.09) * (100% - 0.8361) * (1 - 0.21) + 0.0506 + 0.8361 = 1.82
Terminal Value = Discount (8.87 * (1 + 0.1085) / (1.82 - 0.1085)) = 99.47
Company Value = ∑ (8.87 / (1 + 1.82) ^ 5) = 34.45
Price = (Terminal Value + Company Value) / Count shares = (99.47 + 34.45) / 2943430000 = 45.5

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) = 7.81
FCF Yield = 0.1493
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 = 0.1152
Debt = 5.09
Market Cap = 25.96
Weight Debt = Market Cap / (Market Cap + Debt) = 25.96 / (25.96 + 5.09) = 0.8361
Weight Cost Debt = 100% - 0.8361 = 0.1639
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) = 2.89
β = 0.3661
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.3661 * 5.94 + 0 = 0.0506
WACC = (0.1152 / 5.09) * (100% - 0.8361) * (1 - 0.21) + 0.0506 + 0.8361 = 1.82
Terminal Value = Discount (7.81 * (1 + 0.1493) / (1.82 - 0.1493)) = 62.56
Company Value = ∑ (7.81 / (1 + 1.82) ^ 5) = 28.43
Price = (Terminal Value + Company Value) / Count shares = (62.56 + 28.43) / 2943430000 = 30.92