SSE: 600927 - Yongan Futures 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 = 0.5006
CAGR EPS = -8.11%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.5006 * (1 + -8.11%) / (0.0458 * 2) = 5.02

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) = 24.8
Ebitda Yield = 0.0085
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 = 0.4099
Debt = 0.9185
Market Cap = 23.71
Weight Debt = Market Cap / (Market Cap + Debt) = 23.71 / (23.71 + 0.9185) = 0.9627
Weight Cost Debt = 100% - 0.9627 = 0.0373
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1045
WACC = (0.4099 / 0.9185) * (100% - 0.9627) * (1 - 0.21) + 0.1045 + 0.9627 = 35.02
Terminal Value = Discount (24.8 * (1 + 0.0085) / (35.02 - 0.0085)) = 16.32
Company Value = ∑ (24.8 / (1 + 35.02) ^ 5) = 53.86
Price = (Terminal Value + Company Value) / Count shares = (16.32 + 53.86) / 1455560000 = 48.21

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) = 1.97
FCF Yield = -1.82
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 = 0.4099
Debt = 0.9185
Market Cap = 23.71
Weight Debt = Market Cap / (Market Cap + Debt) = 23.71 / (23.71 + 0.9185) = 0.9627
Weight Cost Debt = 100% - 0.9627 = 0.0373
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1045
WACC = (0.4099 / 0.9185) * (100% - 0.9627) * (1 - 0.21) + 0.1045 + 0.9627 = 35.02
Terminal Value = Discount (1.97 * (1 + -1.82) / (35.02 - -1.82)) = -0.1656
Company Value = ∑ (1.97 / (1 + 35.02) ^ 5) = 2.18
Price = (Terminal Value + Company Value) / Count shares = (-0.1656 + 2.18) / 1455560000 = 1.38