SSE: 600886 - SDIC Power Holdings 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 = 0.8995
CAGR EPS = 5.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8995 * (1 + 5.12%) / (0.0433 * 2) = 10.92

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) = 11.65
Ebitda Yield = -0.0574
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 = 4.61
Debt = 140.7
Market Cap = 92.66
Weight Debt = Market Cap / (Market Cap + Debt) = 92.66 / (92.66 + 140.7) = 0.3971
Weight Cost Debt = 100% - 0.3971 = 0.6029
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 = -0.2759
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2759 * 5.94 + 0 = 0.0136
WACC = (4.61 / 140.7) * (100% - 0.3971) * (1 - 0.21) + 0.0136 + 0.3971 = 2.58
Terminal Value = Discount (11.65 * (1 + -0.0574) / (2.58 - -0.0574)) = 116.19
Company Value = ∑ (11.65 / (1 + 2.58) ^ 5) = 61.18
Price = (Terminal Value + Company Value) / Count shares = (116.19 + 61.18) / 7454180000 = 23.79

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) = 0.1747
FCF Yield = -0.2968
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 = 4.61
Debt = 140.7
Market Cap = 92.66
Weight Debt = Market Cap / (Market Cap + Debt) = 92.66 / (92.66 + 140.7) = 0.3971
Weight Cost Debt = 100% - 0.3971 = 0.6029
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 = -0.2759
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2759 * 5.94 + 0 = 0.0136
WACC = (4.61 / 140.7) * (100% - 0.3971) * (1 - 0.21) + 0.0136 + 0.3971 = 2.58
Terminal Value = Discount (0.1747 * (1 + -0.2968) / (2.58 - -0.2968)) = 0.3352
Company Value = ∑ (0.1747 / (1 + 2.58) ^ 5) = 1.88
Price = (Terminal Value + Company Value) / Count shares = (0.3352 + 1.88) / 7454180000 = 0.297