SSE: 601068 - China Aluminum International Engineering Corporation Limited

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 = -0.8982
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.7 + (4.7 * 9.16% / 100) = 5.13

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) = 0.7062
Ebitda Yield = -0.0709
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 = 0.4161
Debt = 10.9
Market Cap = 14.06
Weight Debt = Market Cap / (Market Cap + Debt) = 14.06 / (14.06 + 10.9) = 0.5633
Weight Cost Debt = 100% - 0.5633 = 0.4367
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 = 0.9653
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9653 * 5.94 + 0 = 0.0848
WACC = (0.4161 / 10.9) * (100% - 0.5633) * (1 - 0.21) + 0.0848 + 0.5633 = 3.05
Terminal Value = Discount (0.7062 * (1 + -0.0709) / (3.05 - -0.0709)) = 5.57
Company Value = ∑ (0.7062 / (1 + 3.05) ^ 5) = 3.78
Price = (Terminal Value + Company Value) / Count shares = (5.57 + 3.78) / 2959070000 = 3.16

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) = 2.66
FCF Yield = 0.3175
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 = 0.4161
Debt = 10.9
Market Cap = 14.06
Weight Debt = Market Cap / (Market Cap + Debt) = 14.06 / (14.06 + 10.9) = 0.5633
Weight Cost Debt = 100% - 0.5633 = 0.4367
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 = 0.9653
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.9653 * 5.94 + 0 = 0.0848
WACC = (0.4161 / 10.9) * (100% - 0.5633) * (1 - 0.21) + 0.0848 + 0.5633 = 3.05
Terminal Value = Discount (2.66 * (1 + 0.3175) / (3.05 - 0.3175)) = 10.52
Company Value = ∑ (2.66 / (1 + 3.05) ^ 5) = 7.44
Price = (Terminal Value + Company Value) / Count shares = (10.52 + 7.44) / 2959070000 = 6.07