SSE: 601212 - Baiyin Nonferrous 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 = 0.0112
CAGR EPS = 6.21%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.0112 * (1 + 6.21%) / (0.0458 * 2) = 0.1301

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) = 1.04
Ebitda Yield = -0.076
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 = 0.7028
Debt = 22.19
Market Cap = 19.84
Weight Debt = Market Cap / (Market Cap + Debt) = 19.84 / (19.84 + 22.19) = 0.472
Weight Cost Debt = 100% - 0.472 = 0.528
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 = 1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.02 * 5.94 + 0 = 0.0883
WACC = (0.7028 / 22.19) * (100% - 0.472) * (1 - 0.21) + 0.0883 + 0.472 = 2.53
Terminal Value = Discount (1.04 * (1 + -0.076) / (2.53 - -0.076)) = 8.35
Company Value = ∑ (1.04 / (1 + 2.53) ^ 5) = 5.7
Price = (Terminal Value + Company Value) / Count shares = (8.35 + 5.7) / 7404770000 = 1.9

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) = 0.7032
FCF Yield = -0.072
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 = 0.7028
Debt = 22.19
Market Cap = 19.84
Weight Debt = Market Cap / (Market Cap + Debt) = 19.84 / (19.84 + 22.19) = 0.472
Weight Cost Debt = 100% - 0.472 = 0.528
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 = 1.02
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.02 * 5.94 + 0 = 0.0883
WACC = (0.7028 / 22.19) * (100% - 0.472) * (1 - 0.21) + 0.0883 + 0.472 = 2.53
Terminal Value = Discount (0.7032 * (1 + -0.072) / (2.53 - -0.072)) = 5.92
Company Value = ∑ (0.7032 / (1 + 2.53) ^ 5) = 3.83
Price = (Terminal Value + Company Value) / Count shares = (5.92 + 3.83) / 7404770000 = 1.32