SSE: 600887 - Inner Mongolia Yili Industrial Group 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 = 1.64
CAGR EPS = 7.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.64 * (1 + 7.52%) / (0.0433 * 2) = 20.34

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) = 14.36
Ebitda Yield = 0.0296
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 = 2.19
Debt = 58.07
Market Cap = 171.57
Weight Debt = Market Cap / (Market Cap + Debt) = 171.57 / (171.57 + 58.07) = 0.7471
Weight Cost Debt = 100% - 0.7471 = 0.2529
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 = 0.2763
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.2763 * 5.94 + 0 = 0.0464
WACC = (2.19 / 58.07) * (100% - 0.7471) * (1 - 0.21) + 0.0464 + 0.7471 = 3
Terminal Value = Discount (14.36 * (1 + 0.0296) / (3 - 0.0296)) = 32721.16
Company Value = ∑ (14.36 / (1 + 3) ^ 5) = 61.98
Price = (Terminal Value + Company Value) / Count shares = (32721.16 + 61.98) / 6366100000 = 5149.64

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) = 118.74
FCF Yield = 0.5997
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 = 2.19
Debt = 58.07
Market Cap = 171.57
Weight Debt = Market Cap / (Market Cap + Debt) = 171.57 / (171.57 + 58.07) = 0.7471
Weight Cost Debt = 100% - 0.7471 = 0.2529
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 = 0.2763
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.2763 * 5.94 + 0 = 0.0464
WACC = (2.19 / 58.07) * (100% - 0.7471) * (1 - 0.21) + 0.0464 + 0.7471 = 3
Terminal Value = Discount (118.74 * (1 + 0.5997) / (3 - 0.5997)) = 287.65
Company Value = ∑ (118.74 / (1 + 3) ^ 5) = 255.83
Price = (Terminal Value + Company Value) / Count shares = (287.65 + 255.83) / 6366100000 = 85.37