SSE: 601328 - Bank of Communications 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 = 1.25
CAGR EPS = 4.54%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.52 + (6.52 * 4.54% / 100) = 6.82

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) = 278.11
Ebitda Yield = 0.0164
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 = 295.74
Debt = 2590
Market Cap = 359.63
Weight Debt = Market Cap / (Market Cap + Debt) = 359.63 / (359.63 + 2590) = 0.1219
Weight Cost Debt = 100% - 0.1219 = 0.8781
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 = 1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.49 * 5.94 + 0 = 0.1171
WACC = (295.74 / 2590) * (100% - 0.1219) * (1 - 0.21) + 0.1171 + 0.1219 = 9.02
Terminal Value = Discount (278.11 * (1 + 0.0164) / (9.02 - 0.0164)) = 2483.62
Company Value = ∑ (278.11 / (1 + 9.02) ^ 5) = 1043.93
Price = (Terminal Value + Company Value) / Count shares = (2483.62 + 1043.93) / 74262730000 = 47.5

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) = 206.66
FCF Yield = 0.1816
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 = 295.74
Debt = 2590
Market Cap = 359.63
Weight Debt = Market Cap / (Market Cap + Debt) = 359.63 / (359.63 + 2590) = 0.1219
Weight Cost Debt = 100% - 0.1219 = 0.8781
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 = 1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.49 * 5.94 + 0 = 0.1171
WACC = (295.74 / 2590) * (100% - 0.1219) * (1 - 0.21) + 0.1171 + 0.1219 = 9.02
Terminal Value = Discount (206.66 * (1 + 0.1816) / (9.02 - 0.1816)) = 1735.63
Company Value = ∑ (206.66 / (1 + 9.02) ^ 5) = 574.84
Price = (Terminal Value + Company Value) / Count shares = (1735.63 + 574.84) / 74262730000 = 31.11