SSE: 601166 - Industrial 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 = 3.71
CAGR EPS = 3.21%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 18.82 + (18.82 * 3.21% / 100) = 19.42

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) = 238.14
Ebitda Yield = 0.0247
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 = 202.58
Debt = 2110
Market Cap = 331.14
Weight Debt = Market Cap / (Market Cap + Debt) = 331.14 / (331.14 + 2110) = 0.1356
Weight Cost Debt = 100% - 0.1356 = 0.8644
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) = 2.82
β = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.06 * 5.94 + 0 = 0.0912
WACC = (202.58 / 2110) * (100% - 0.1356) * (1 - 0.21) + 0.0912 + 0.1356 = 7.59
Terminal Value = Discount (238.14 * (1 + 0.0247) / (7.59 - 0.0247)) = 3308.42
Company Value = ∑ (238.14 / (1 + 7.59) ^ 5) = 912.78
Price = (Terminal Value + Company Value) / Count shares = (3308.42 + 912.78) / 20774290000 = 203.19

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) = 970.07
FCF Yield = 0.1774
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 = 202.58
Debt = 2110
Market Cap = 331.14
Weight Debt = Market Cap / (Market Cap + Debt) = 331.14 / (331.14 + 2110) = 0.1356
Weight Cost Debt = 100% - 0.1356 = 0.8644
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) = 2.82
β = 1.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.06 * 5.94 + 0 = 0.0912
WACC = (202.58 / 2110) * (100% - 0.1356) * (1 - 0.21) + 0.0912 + 0.1356 = 7.59
Terminal Value = Discount (970.07 * (1 + 0.1774) / (7.59 - 0.1774)) = 7803.39
Company Value = ∑ (970.07 / (1 + 7.59) ^ 5) = 2832.5
Price = (Terminal Value + Company Value) / Count shares = (7803.39 + 2832.5) / 20774290000 = 511.97