SSE: 600977 - China Film 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 = 0.1409
CAGR EPS = -24.35%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1409 * (1 + -24.35%) / (0.0433 * 2) = 1.23

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) = 3.9E-5
Ebitda Yield = -1.22
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 = 0.0713
Debt = 1.58
Market Cap = 26.81
Weight Debt = Market Cap / (Market Cap + Debt) = 26.81 / (26.81 + 1.58) = 0.9443
Weight Cost Debt = 100% - 0.9443 = 0.0557
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) = 2.82
β = -0.2824
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2824 * 5.94 + 0 = 0.0114
WACC = (0.0713 / 1.58) * (100% - 0.9443) * (1 - 0.21) + 0.0114 + 0.9443 = 3.54
Terminal Value = Discount (3.9E-5 * (1 + -1.22) / (3.54 - -1.22)) = 0
Company Value = ∑ (3.9E-5 / (1 + 3.54) ^ 5) = 0.0142
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0142) / 1867000000 = 0.0076

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) = 1.99
FCF Yield = 0.0174
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 = 0.0713
Debt = 1.58
Market Cap = 26.81
Weight Debt = Market Cap / (Market Cap + Debt) = 26.81 / (26.81 + 1.58) = 0.9443
Weight Cost Debt = 100% - 0.9443 = 0.0557
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) = 2.82
β = -0.2824
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2824 * 5.94 + 0 = 0.0114
WACC = (0.0713 / 1.58) * (100% - 0.9443) * (1 - 0.21) + 0.0114 + 0.9443 = 3.54
Terminal Value = Discount (1.99 * (1 + 0.0174) / (3.54 - 0.0174)) = 94.19
Company Value = ∑ (1.99 / (1 + 3.54) ^ 5) = 8.66
Price = (Terminal Value + Company Value) / Count shares = (94.19 + 8.66) / 1867000000 = 55.09