SSE: 601567 - Ningbo Sanxing Medical Electric 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 = 1.35
CAGR EPS = 12.61%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.35 * (1 + 12.61%) / (0.0433 * 2) = 17.53

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) = 1.29
Ebitda Yield = -0.0088
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 = 0.0528
Debt = 1.21
Market Cap = 17.21
Weight Debt = Market Cap / (Market Cap + Debt) = 17.21 / (17.21 + 1.21) = 0.9343
Weight Cost Debt = 100% - 0.9343 = 0.0657
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) = 2.39
β = -1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.46 * 5.94 + 0 = -0.063
WACC = (0.0528 / 1.21) * (100% - 0.9343) * (1 - 0.21) + -0.063 + 0.9343 = 3.35
Terminal Value = Discount (1.29 * (1 + -0.0088) / (3.35 - -0.0088)) = 25.61
Company Value = ∑ (1.29 / (1 + 3.35) ^ 5) = 5.96
Price = (Terminal Value + Company Value) / Count shares = (25.61 + 5.96) / 1412070000 = 22.36

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) = 2.18
FCF Yield = 0.1015
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 = 0.0528
Debt = 1.21
Market Cap = 17.21
Weight Debt = Market Cap / (Market Cap + Debt) = 17.21 / (17.21 + 1.21) = 0.9343
Weight Cost Debt = 100% - 0.9343 = 0.0657
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) = 2.39
β = -1.46
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.46 * 5.94 + 0 = -0.063
WACC = (0.0528 / 1.21) * (100% - 0.9343) * (1 - 0.21) + -0.063 + 0.9343 = 3.35
Terminal Value = Discount (2.18 * (1 + 0.1015) / (3.35 - 0.1015)) = 29.99
Company Value = ∑ (2.18 / (1 + 3.35) ^ 5) = 8.18
Price = (Terminal Value + Company Value) / Count shares = (29.99 + 8.18) / 1412070000 = 27.03