SSE: 601658 - Postal Savings Bank of China 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 = 0.87
CAGR EPS = 65.53%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.14 + (5.14 * 65.53% / 100) = 8.5

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) = 324.33
Ebitda Yield = 0.0742
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 = 216.52
Debt = 407.88
Market Cap = 461.3
Weight Debt = Market Cap / (Market Cap + Debt) = 461.3 / (461.3 + 407.88) = 0.5307
Weight Cost Debt = 100% - 0.5307 = 0.4693
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) = 3
β = -0.0055
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0055 * 5.94 + 0 = 0.0297
WACC = (216.52 / 407.88) * (100% - 0.5307) * (1 - 0.21) + 0.0297 + 0.5307 = 41.73
Terminal Value = Discount (324.33 * (1 + 0.0742) / (41.73 - 0.0742)) = 177.53
Company Value = ∑ (324.33 / (1 + 41.73) ^ 5) = 532.43
Price = (Terminal Value + Company Value) / Count shares = (177.53 + 532.43) / 99161080000 = 7.16

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) = 2099.65
FCF Yield = 0.5301
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 = 216.52
Debt = 407.88
Market Cap = 461.3
Weight Debt = Market Cap / (Market Cap + Debt) = 461.3 / (461.3 + 407.88) = 0.5307
Weight Cost Debt = 100% - 0.5307 = 0.4693
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) = 3
β = -0.0055
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0055 * 5.94 + 0 = 0.0297
WACC = (216.52 / 407.88) * (100% - 0.5307) * (1 - 0.21) + 0.0297 + 0.5307 = 41.73
Terminal Value = Discount (2099.65 * (1 + 0.5301) / (41.73 - 0.5301)) = 4981.54
Company Value = ∑ (2099.65 / (1 + 41.73) ^ 5) = 1584.33
Price = (Terminal Value + Company Value) / Count shares = (4981.54 + 1584.33) / 99161080000 = 66.21