SSE: 601808 - China Oilfield Services 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 = 0.6315
CAGR EPS = 3.96%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6315 * (1 + 3.96%) / (0.0433 * 2) = 7.58

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) = 2.07
Ebitda Yield = -0.1222
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 = 0.9694
Debt = 21.91
Market Cap = 53.16
Weight Debt = Market Cap / (Market Cap + Debt) = 53.16 / (53.16 + 21.91) = 0.7081
Weight Cost Debt = 100% - 0.7081 = 0.2919
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 = -0.3395
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3395 * 5.94 + 0 = 0.0098
WACC = (0.9694 / 21.91) * (100% - 0.7081) * (1 - 0.21) + 0.0098 + 0.7081 = 3.48
Terminal Value = Discount (2.07 * (1 + -0.1222) / (3.48 - -0.1222)) = 9.77
Company Value = ∑ (2.07 / (1 + 3.48) ^ 5) = 12.48
Price = (Terminal Value + Company Value) / Count shares = (9.77 + 12.48) / 4771590000 = 4.66

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) = 3.37
FCF Yield = -0.0144
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 = 0.9694
Debt = 21.91
Market Cap = 53.16
Weight Debt = Market Cap / (Market Cap + Debt) = 53.16 / (53.16 + 21.91) = 0.7081
Weight Cost Debt = 100% - 0.7081 = 0.2919
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 = -0.3395
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3395 * 5.94 + 0 = 0.0098
WACC = (0.9694 / 21.91) * (100% - 0.7081) * (1 - 0.21) + 0.0098 + 0.7081 = 3.48
Terminal Value = Discount (3.37 * (1 + -0.0144) / (3.48 - -0.0144)) = 56.94
Company Value = ∑ (3.37 / (1 + 3.48) ^ 5) = 15.69
Price = (Terminal Value + Company Value) / Count shares = (56.94 + 15.69) / 4771590000 = 15.22