SSE: 601006 - Daqin Railway 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 = 0.7576
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.22 + (7.22 * 8.66% / 100) = 7.84

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) = 14.38
Ebitda Yield = -0.0559
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 = 1.64
Debt = 43.15
Market Cap = 108.44
Weight Debt = Market Cap / (Market Cap + Debt) = 108.44 / (108.44 + 43.15) = 0.7154
Weight Cost Debt = 100% - 0.7154 = 0.2846
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) = 3
β = 0.0745
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0745 * 5.94 + 0 = 0.0344
WACC = (1.64 / 43.15) * (100% - 0.7154) * (1 - 0.21) + 0.0344 + 0.7154 = 3
Terminal Value = Discount (14.38 * (1 + -0.0559) / (3 - -0.0559)) = 136.23
Company Value = ∑ (14.38 / (1 + 3) ^ 5) = 74.4
Price = (Terminal Value + Company Value) / Count shares = (136.23 + 74.4) / 15747310000 = 13.38

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) = 10.11
FCF Yield = 0.0031
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 = 1.64
Debt = 43.15
Market Cap = 108.44
Weight Debt = Market Cap / (Market Cap + Debt) = 108.44 / (108.44 + 43.15) = 0.7154
Weight Cost Debt = 100% - 0.7154 = 0.2846
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) = 3
β = 0.0745
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0745 * 5.94 + 0 = 0.0344
WACC = (1.64 / 43.15) * (100% - 0.7154) * (1 - 0.21) + 0.0344 + 0.7154 = 3
Terminal Value = Discount (10.11 * (1 + 0.0031) / (3 - 0.0031)) = 324.33
Company Value = ∑ (10.11 / (1 + 3) ^ 5) = 45.99
Price = (Terminal Value + Company Value) / Count shares = (324.33 + 45.99) / 15747310000 = 23.52