SSE: 601098 - China South Publishing & Media 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 = 1.03
CAGR EPS = 7.78%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.03 * (1 + 7.78%) / (0.0433 * 2) = 12.85

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) = 1.56
Ebitda Yield = -0.0016
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 = 0.0059
Debt = 0.3551
Market Cap = 22.23
Weight Debt = Market Cap / (Market Cap + Debt) = 22.23 / (22.23 + 0.3551) = 0.9843
Weight Cost Debt = 100% - 0.9843 = 0.0157
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 = 0.008
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.008 * 5.94 + 0 = 0.0305
WACC = (0.0059 / 0.3551) * (100% - 0.9843) * (1 - 0.21) + 0.0305 + 0.9843 = 1.33
Terminal Value = Discount (1.56 * (1 + -0.0016) / (1.33 - -0.0016)) = 97.94
Company Value = ∑ (1.56 / (1 + 1.33) ^ 5) = 7.51
Price = (Terminal Value + Company Value) / Count shares = (97.94 + 7.51) / 1796000000 = 58.71

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) = 1.19
FCF Yield = -0.0644
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 = 0.0059
Debt = 0.3551
Market Cap = 22.23
Weight Debt = Market Cap / (Market Cap + Debt) = 22.23 / (22.23 + 0.3551) = 0.9843
Weight Cost Debt = 100% - 0.9843 = 0.0157
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 = 0.008
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.008 * 5.94 + 0 = 0.0305
WACC = (0.0059 / 0.3551) * (100% - 0.9843) * (1 - 0.21) + 0.0305 + 0.9843 = 1.33
Terminal Value = Discount (1.19 * (1 + -0.0644) / (1.33 - -0.0644)) = 13.36
Company Value = ∑ (1.19 / (1 + 1.33) ^ 5) = 6.55
Price = (Terminal Value + Company Value) / Count shares = (13.36 + 6.55) / 1796000000 = 11.08