SSE: 601058 - Sailun 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 = 0.9891
CAGR EPS = 17.45%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9891 * (1 + 17.45%) / (0.0433 * 2) = 13.41

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) = 1.81
Ebitda Yield = -0.0203
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 = 0.4604
Debt = 11.19
Market Cap = 33.54
Weight Debt = Market Cap / (Market Cap + Debt) = 33.54 / (33.54 + 11.19) = 0.7498
Weight Cost Debt = 100% - 0.7498 = 0.2502
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) = 2.89
β = -1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.48 * 5.94 + 0 = -0.0588
WACC = (0.4604 / 11.19) * (100% - 0.7498) * (1 - 0.21) + -0.0588 + 0.7498 = 3.18
Terminal Value = Discount (1.81 * (1 + -0.0203) / (3.18 - -0.0203)) = 29.16
Company Value = ∑ (1.81 / (1 + 3.18) ^ 5) = 8.63
Price = (Terminal Value + Company Value) / Count shares = (29.16 + 8.63) / 3125500000 = 12.09

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) = 10.82
FCF Yield = 0.2692
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 = 0.4604
Debt = 11.19
Market Cap = 33.54
Weight Debt = Market Cap / (Market Cap + Debt) = 33.54 / (33.54 + 11.19) = 0.7498
Weight Cost Debt = 100% - 0.7498 = 0.2502
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) = 2.89
β = -1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.48 * 5.94 + 0 = -0.0588
WACC = (0.4604 / 11.19) * (100% - 0.7498) * (1 - 0.21) + -0.0588 + 0.7498 = 3.18
Terminal Value = Discount (10.82 * (1 + 0.2692) / (3.18 - 0.2692)) = 49.49
Company Value = ∑ (10.82 / (1 + 3.18) ^ 5) = 31.92
Price = (Terminal Value + Company Value) / Count shares = (49.49 + 31.92) / 3125500000 = 26.05