SSE: 601816 - Beijing-Shanghai High-Speed Railway Co.,Ltd.

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 = 0.2351
CAGR EPS = -3.35%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2351 * (1 + -3.35%) / (0.0433 * 2) = 2.62

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) = 1.48
Ebitda Yield = -0.2039
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 = 2.59
Debt = 75.66
Market Cap = 263.7
Weight Debt = Market Cap / (Market Cap + Debt) = 263.7 / (263.7 + 75.66) = 0.7771
Weight Cost Debt = 100% - 0.7771 = 0.2229
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 = -0.0532
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0532 * 5.94 + 0 = 0.0268
WACC = (2.59 / 75.66) * (100% - 0.7771) * (1 - 0.21) + 0.0268 + 0.7771 = 2.7
Terminal Value = Discount (1.48 * (1 + -0.2039) / (2.7 - -0.2039)) = 4.48
Company Value = ∑ (1.48 / (1 + 2.7) ^ 5) = 11.52
Price = (Terminal Value + Company Value) / Count shares = (4.48 + 11.52) / 49106480000 = 0.3258

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) = 22.79
FCF Yield = 0.0307
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 = 2.59
Debt = 75.66
Market Cap = 263.7
Weight Debt = Market Cap / (Market Cap + Debt) = 263.7 / (263.7 + 75.66) = 0.7771
Weight Cost Debt = 100% - 0.7771 = 0.2229
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 = -0.0532
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.0532 * 5.94 + 0 = 0.0268
WACC = (2.59 / 75.66) * (100% - 0.7771) * (1 - 0.21) + 0.0268 + 0.7771 = 2.7
Terminal Value = Discount (22.79 * (1 + 0.0307) / (2.7 - 0.0307)) = 5544.87
Company Value = ∑ (22.79 / (1 + 2.7) ^ 5) = 99.02
Price = (Terminal Value + Company Value) / Count shares = (5544.87 + 99.02) / 49106480000 = 114.93