SSE: 601001 - Jinneng Holding Shanxi Coal Industry Co.,ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Nøkkelrente
Excess Key Rate — Ønsket overskridelse av styringsrenten
EPS = 1.97
CAGR EPS = 29.75%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 13.67 + (13.67 * 29.75% / 100) = 17.74

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) = 9.21
Ebitda Yield = 0.081
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 = 0.4125
Debt = 8.25
Market Cap = 14.7
Weight Debt = Market Cap / (Market Cap + Debt) = 14.7 / (14.7 + 8.25) = 0.6405
Weight Cost Debt = 100% - 0.6405 = 0.3595
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 = 0.4524
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4524 * 5.94 + 0 = 0.0544
WACC = (0.4125 / 8.25) * (100% - 0.6405) * (1 - 0.21) + 0.0544 + 0.6405 = 3.96
Terminal Value = Discount (9.21 * (1 + 0.081) / (3.96 - 0.081)) = 198.16
Company Value = ∑ (9.21 / (1 + 3.96) ^ 5) = 35.13
Price = (Terminal Value + Company Value) / Count shares = (198.16 + 35.13) / 1673700000 = 139.38

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) = 10.94
FCF Yield = 0.1547
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 = 0.4125
Debt = 8.25
Market Cap = 14.7
Weight Debt = Market Cap / (Market Cap + Debt) = 14.7 / (14.7 + 8.25) = 0.6405
Weight Cost Debt = 100% - 0.6405 = 0.3595
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 = 0.4524
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4524 * 5.94 + 0 = 0.0544
WACC = (0.4125 / 8.25) * (100% - 0.6405) * (1 - 0.21) + 0.0544 + 0.6405 = 3.96
Terminal Value = Discount (10.94 * (1 + 0.1547) / (3.96 - 0.1547)) = 90.39
Company Value = ∑ (10.94 / (1 + 3.96) ^ 5) = 36.92
Price = (Terminal Value + Company Value) / Count shares = (90.39 + 36.92) / 1673700000 = 76.06