SSE: 601699 - Shanxi Lu'an Environmental Energy Development 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 = 2.65
CAGR EPS = 27.2%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 17.95 + (17.95 * 27.2% / 100) = 22.83

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) = 61.22
Ebitda Yield = 0.2251
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 = 0.4008
Debt = 5.12
Market Cap = 48.13
Weight Debt = Market Cap / (Market Cap + Debt) = 48.13 / (48.13 + 5.12) = 0.9038
Weight Cost Debt = 100% - 0.9038 = 0.0962
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) = 2.6
β = 0.2682
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.2682 * 5.94 + 0 = 0.0419
WACC = (0.4008 / 5.12) * (100% - 0.9038) * (1 - 0.21) + 0.0419 + 0.9038 = 6.17
Terminal Value = Discount (61.22 * (1 + 0.2251) / (6.17 - 0.2251)) = 340.16
Company Value = ∑ (61.22 / (1 + 6.17) ^ 5) = 173.94
Price = (Terminal Value + Company Value) / Count shares = (340.16 + 173.94) / 2991410000 = 171.86

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) = 18.51
FCF Yield = 0.1776
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 = 0.4008
Debt = 5.12
Market Cap = 48.13
Weight Debt = Market Cap / (Market Cap + Debt) = 48.13 / (48.13 + 5.12) = 0.9038
Weight Cost Debt = 100% - 0.9038 = 0.0962
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) = 2.6
β = 0.2682
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.2682 * 5.94 + 0 = 0.0419
WACC = (0.4008 / 5.12) * (100% - 0.9038) * (1 - 0.21) + 0.0419 + 0.9038 = 6.17
Terminal Value = Discount (18.51 * (1 + 0.1776) / (6.17 - 0.1776)) = 139.4
Company Value = ∑ (18.51 / (1 + 6.17) ^ 5) = 56.38
Price = (Terminal Value + Company Value) / Count shares = (139.4 + 56.38) / 2991410000 = 65.44