SSE: 601600 - Aluminum Corporation of China Limited

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 = 0.3914
CAGR EPS = 59.01%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.44 + (6.44 * 59.01% / 100) = 10.24

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) = 46.06
Ebitda Yield = 0.1062
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 = 2.69
Debt = 83.33
Market Cap = 84.63
Weight Debt = Market Cap / (Market Cap + Debt) = 84.63 / (84.63 + 83.33) = 0.5039
Weight Cost Debt = 100% - 0.5039 = 0.4961
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 = 1.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.09 * 5.94 + 0 = 0.0934
WACC = (2.69 / 83.33) * (100% - 0.5039) * (1 - 0.21) + 0.0934 + 0.5039 = 2.58
Terminal Value = Discount (46.06 * (1 + 0.1062) / (2.58 - 0.1062)) = 558.14
Company Value = ∑ (46.06 / (1 + 2.58) ^ 5) = 175.35
Price = (Terminal Value + Company Value) / Count shares = (558.14 + 175.35) / 17161590000 = 42.74

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) = 88.58
FCF Yield = 0.3423
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 = 2.69
Debt = 83.33
Market Cap = 84.63
Weight Debt = Market Cap / (Market Cap + Debt) = 84.63 / (84.63 + 83.33) = 0.5039
Weight Cost Debt = 100% - 0.5039 = 0.4961
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 = 1.09
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.09 * 5.94 + 0 = 0.0934
WACC = (2.69 / 83.33) * (100% - 0.5039) * (1 - 0.21) + 0.0934 + 0.5039 = 2.58
Terminal Value = Discount (88.58 * (1 + 0.3423) / (2.58 - 0.3423)) = 330.78
Company Value = ∑ (88.58 / (1 + 2.58) ^ 5) = 244.54
Price = (Terminal Value + Company Value) / Count shares = (330.78 + 244.54) / 17161590000 = 33.52