SSE: 601077 - Chongqing Rural Commercial Bank 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 = 0.96
CAGR EPS = 57.2%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.06 + (5.06 * 57.2% / 100) = 7.95

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) = 26.99
Ebitda Yield = 0.0013
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 = 26.39
Debt = 343.13
Market Cap = 40.28
Weight Debt = Market Cap / (Market Cap + Debt) = 40.28 / (40.28 + 343.13) = 0.1051
Weight Cost Debt = 100% - 0.1051 = 0.8949
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 = 0.7985
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7985 * 5.94 + 0 = 0.0763
WACC = (26.39 / 343.13) * (100% - 0.1051) * (1 - 0.21) + 0.0763 + 0.1051 = 6.08
Terminal Value = Discount (26.99 * (1 + 0.0013) / (6.08 - 0.0013)) = 338.51
Company Value = ∑ (26.99 / (1 + 6.08) ^ 5) = 113.13
Price = (Terminal Value + Company Value) / Count shares = (338.51 + 113.13) / 11357000000 = 39.77

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) = 58.14
FCF Yield = 0.0864
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 = 26.39
Debt = 343.13
Market Cap = 40.28
Weight Debt = Market Cap / (Market Cap + Debt) = 40.28 / (40.28 + 343.13) = 0.1051
Weight Cost Debt = 100% - 0.1051 = 0.8949
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 = 0.7985
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.7985 * 5.94 + 0 = 0.0763
WACC = (26.39 / 343.13) * (100% - 0.1051) * (1 - 0.21) + 0.0763 + 0.1051 = 6.08
Terminal Value = Discount (58.14 * (1 + 0.0864) / (6.08 - 0.0864)) = 1838.42
Company Value = ∑ (58.14 / (1 + 6.08) ^ 5) = 206.47
Price = (Terminal Value + Company Value) / Count shares = (1838.42 + 206.47) / 11357000000 = 180.06