SSE: 601000 - TangShan Port 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 = 0.3248
CAGR EPS = 1.6%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3248 * (1 + 1.6%) / (0.0433 * 2) = 3.81

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) = 2
Ebitda Yield = -0.0387
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 = 0.000945
Debt = 0.00061
Market Cap = 20.39
Weight Debt = Market Cap / (Market Cap + Debt) = 20.39 / (20.39 + 0.00061) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.4956
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4956 * 5.94 + 0 = -0.0012
WACC = (0.000945 / 0.00061) * (100% - 1) * (1 - 0.21) + -0.0012 + 1 = 121.22
Terminal Value = Discount (2 * (1 + -0.0387) / (121.22 - -0.0387)) = 0.0291
Company Value = ∑ (2 / (1 + 121.22) ^ 5) = 1.85
Price = (Terminal Value + Company Value) / Count shares = (0.0291 + 1.85) / 5925930000 = 0.3164

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) = 3.93
FCF Yield = 0.1388
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 = 0.000945
Debt = 0.00061
Market Cap = 20.39
Weight Debt = Market Cap / (Market Cap + Debt) = 20.39 / (20.39 + 0.00061) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.4956
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4956 * 5.94 + 0 = -0.0012
WACC = (0.000945 / 0.00061) * (100% - 1) * (1 - 0.21) + -0.0012 + 1 = 121.22
Terminal Value = Discount (3.93 * (1 + 0.1388) / (121.22 - 0.1388)) = 0.0787
Company Value = ∑ (3.93 / (1 + 121.22) ^ 5) = 2.1
Price = (Terminal Value + Company Value) / Count shares = (0.0787 + 2.1) / 5925930000 = 0.3672