SSE: 601615 - Ming Yang Smart Energy Group Limited

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 = 0.1639
CAGR EPS = -20.51%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1639 * (1 + -20.51%) / (0.0433 * 2) = 1.5

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.56
Ebitda Yield = 0.0558
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 = 0.2286
Debt = 9.11
Market Cap = 38.33
Weight Debt = Market Cap / (Market Cap + Debt) = 38.33 / (38.33 + 9.11) = 0.808
Weight Cost Debt = 100% - 0.808 = 0.192
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 = -3.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.42 * 5.94 + 0 = -0.1744
WACC = (0.2286 / 9.11) * (100% - 0.808) * (1 - 0.21) + -0.1744 + 0.808 = 1.83
Terminal Value = Discount (2.56 * (1 + 0.0558) / (1.83 - 0.0558)) = 65.77
Company Value = ∑ (2.56 / (1 + 1.83) ^ 5) = 10.88
Price = (Terminal Value + Company Value) / Count shares = (65.77 + 10.88) / 2271760000 = 33.74

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) = 3.26
FCF Yield = -1.8
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 = 0.2286
Debt = 9.11
Market Cap = 38.33
Weight Debt = Market Cap / (Market Cap + Debt) = 38.33 / (38.33 + 9.11) = 0.808
Weight Cost Debt = 100% - 0.808 = 0.192
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 = -3.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -3.42 * 5.94 + 0 = -0.1744
WACC = (0.2286 / 9.11) * (100% - 0.808) * (1 - 0.21) + -0.1744 + 0.808 = 1.83
Terminal Value = Discount (3.26 * (1 + -1.8) / (1.83 - -1.8)) = -1.3
Company Value = ∑ (3.26 / (1 + 1.83) ^ 5) = 5.78
Price = (Terminal Value + Company Value) / Count shares = (-1.3 + 5.78) / 2271760000 = 1.97