SSE: 601766 - CRRC Corporation 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 = 0.4081
CAGR EPS = 0.401%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.4081 * (1 + 0.401%) / (0.0433 * 2) = 4.73

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) = 13.38
Ebitda Yield = -0.0531
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 = 0.0726
Debt = 20.94
Market Cap = 165.59
Weight Debt = Market Cap / (Market Cap + Debt) = 165.59 / (165.59 + 20.94) = 0.8877
Weight Cost Debt = 100% - 0.8877 = 0.1123
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) = 2.75
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.04 * 5.94 + 0 = 0.0892
WACC = (0.0726 / 20.94) * (100% - 0.8877) * (1 - 0.21) + 0.0892 + 0.8877 = 0.3505
Terminal Value = Discount (13.38 * (1 + -0.0531) / (0.3505 - -0.0531)) = 219.9
Company Value = ∑ (13.38 / (1 + 0.3505) ^ 5) = 74.09
Price = (Terminal Value + Company Value) / Count shares = (219.9 + 74.09) / 28698860000 = 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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 3.58
FCF Yield = -0.1158
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 = 0.0726
Debt = 20.94
Market Cap = 165.59
Weight Debt = Market Cap / (Market Cap + Debt) = 165.59 / (165.59 + 20.94) = 0.8877
Weight Cost Debt = 100% - 0.8877 = 0.1123
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) = 2.75
β = 1.04
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.04 * 5.94 + 0 = 0.0892
WACC = (0.0726 / 20.94) * (100% - 0.8877) * (1 - 0.21) + 0.0892 + 0.8877 = 0.3505
Terminal Value = Discount (3.58 * (1 + -0.1158) / (0.3505 - -0.1158)) = 26.04
Company Value = ∑ (3.58 / (1 + 0.3505) ^ 5) = 23
Price = (Terminal Value + Company Value) / Count shares = (26.04 + 23) / 28698860000 = 1.71