SSE: 600918 - Zhongtai Securities 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 = 0.2583
CAGR EPS = -6.36%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.2583 * (1 + -6.36%) / (0.0458 * 2) = 2.64

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 15.88
Ebitda Yield = 0.0453
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 = 3.19
Debt = 88.46
Market Cap = 47.53
Weight Debt = Market Cap / (Market Cap + Debt) = 47.53 / (47.53 + 88.46) = 0.3495
Weight Cost Debt = 100% - 0.3495 = 0.6505
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) = 2.75
β = 0.982
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.982 * 5.94 + 0 = 0.0858
WACC = (3.19 / 88.46) * (100% - 0.3495) * (1 - 0.21) + 0.0858 + 0.3495 = 2.87
Terminal Value = Discount (15.88 * (1 + 0.0453) / (2.87 - 0.0453)) = 866.11
Company Value = ∑ (15.88 / (1 + 2.87) ^ 5) = 66.75
Price = (Terminal Value + Company Value) / Count shares = (866.11 + 66.75) / 6968630000 = 133.87

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) = 0.0085
FCF Yield = -1.35
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 = 3.19
Debt = 88.46
Market Cap = 47.53
Weight Debt = Market Cap / (Market Cap + Debt) = 47.53 / (47.53 + 88.46) = 0.3495
Weight Cost Debt = 100% - 0.3495 = 0.6505
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) = 2.75
β = 0.982
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.982 * 5.94 + 0 = 0.0858
WACC = (3.19 / 88.46) * (100% - 0.3495) * (1 - 0.21) + 0.0858 + 0.3495 = 2.87
Terminal Value = Discount (0.0085 * (1 + -1.35) / (2.87 - -1.35)) = -0.0019
Company Value = ∑ (0.0085 / (1 + 2.87) ^ 5) = 0.4225
Price = (Terminal Value + Company Value) / Count shares = (-0.0019 + 0.4225) / 6968630000 = 0.0604