SSE: 601100 - Jiangsu Hengli Hydraulic 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 = 1.86
CAGR EPS = 13.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.86 * (1 + 13.42%) / (0.0433 * 2) = 24.41

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) = 3.88
Ebitda Yield = 0.0704
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 = 0.0077
Debt = 0.309
Market Cap = 88.23
Weight Debt = Market Cap / (Market Cap + Debt) = 88.23 / (88.23 + 0.309) = 0.9965
Weight Cost Debt = 100% - 0.9965 = 0.0034999999999999
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 = 0.6009
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6009 * 5.94 + 0 = 0.0632
WACC = (0.0077 / 0.309) * (100% - 0.9965) * (1 - 0.21) + 0.0632 + 0.9965 = 2.01
Terminal Value = Discount (3.88 * (1 + 0.0704) / (2.01 - 0.0704)) = 74.71
Company Value = ∑ (3.88 / (1 + 2.01) ^ 5) = 15.98
Price = (Terminal Value + Company Value) / Count shares = (74.71 + 15.98) / 1340820000 = 67.64

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) = 1.39
FCF Yield = 0.0116
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 = 0.0077
Debt = 0.309
Market Cap = 88.23
Weight Debt = Market Cap / (Market Cap + Debt) = 88.23 / (88.23 + 0.309) = 0.9965
Weight Cost Debt = 100% - 0.9965 = 0.0034999999999999
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 = 0.6009
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6009 * 5.94 + 0 = 0.0632
WACC = (0.0077 / 0.309) * (100% - 0.9965) * (1 - 0.21) + 0.0632 + 0.9965 = 2.01
Terminal Value = Discount (1.39 * (1 + 0.0116) / (2.01 - 0.0116)) = 150.97
Company Value = ∑ (1.39 / (1 + 2.01) ^ 5) = 6.4
Price = (Terminal Value + Company Value) / Count shares = (150.97 + 6.4) / 1340820000 = 117.36