SSE: 601858 - China Science Publishing & Media 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 = 0.6493
CAGR EPS = 1.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6493 * (1 + 1.99%) / (0.0433 * 2) = 7.65

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) = 0.5275
Ebitda Yield = 0.006
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 = 0.0012
Debt = 0.0232
Market Cap = 28.81
Weight Debt = Market Cap / (Market Cap + Debt) = 28.81 / (28.81 + 0.0232) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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) = 2.39
β = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.17 * 5.94 + 0 = -0.0458
WACC = (0.0012 / 0.0232) * (100% - 0.9992) * (1 - 0.21) + -0.0458 + 0.9992 = 4.05
Terminal Value = Discount (0.5275 * (1 + 0.006) / (4.05 - 0.006)) = 12.62
Company Value = ∑ (0.5275 / (1 + 4.05) ^ 5) = 2.32
Price = (Terminal Value + Company Value) / Count shares = (12.62 + 2.32) / 790500000 = 18.9

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) = 0.2829
FCF Yield = -0.0695
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 = 0.0012
Debt = 0.0232
Market Cap = 28.81
Weight Debt = Market Cap / (Market Cap + Debt) = 28.81 / (28.81 + 0.0232) = 0.9992
Weight Cost Debt = 100% - 0.9992 = 0.00080000000000002
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) = 2.39
β = -1.17
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -1.17 * 5.94 + 0 = -0.0458
WACC = (0.0012 / 0.0232) * (100% - 0.9992) * (1 - 0.21) + -0.0458 + 0.9992 = 4.05
Terminal Value = Discount (0.2829 * (1 + -0.0695) / (4.05 - -0.0695)) = 1.96
Company Value = ∑ (0.2829 / (1 + 4.05) ^ 5) = 1.47
Price = (Terminal Value + Company Value) / Count shares = (1.96 + 1.47) / 790500000 = 4.34