SSE: 601928 - Jiangsu Phoenix Publishing & Media Corporation Limited

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 = 1.16
CAGR EPS = 17.05%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.26 + (10.26 * 17.05% / 100) = 12

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) = 2.61
Ebitda Yield = 0.0373
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 = 0.0242
Debt = 0.5307
Market Cap = 30.77
Weight Debt = Market Cap / (Market Cap + Debt) = 30.77 / (30.77 + 0.5307) = 0.983
Weight Cost Debt = 100% - 0.983 = 0.017
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 = 0.3313
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3313 * 5.94 + 0 = 0.0472
WACC = (0.0242 / 0.5307) * (100% - 0.983) * (1 - 0.21) + 0.0472 + 0.983 = 3.61
Terminal Value = Discount (2.61 * (1 + 0.0373) / (3.61 - 0.0373)) = 1894.03
Company Value = ∑ (2.61 / (1 + 3.61) ^ 5) = 10.89
Price = (Terminal Value + Company Value) / Count shares = (1894.03 + 10.89) / 2544900000 = 748.52

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) = 2.61
FCF Yield = 0.0411
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 = 0.0242
Debt = 0.5307
Market Cap = 30.77
Weight Debt = Market Cap / (Market Cap + Debt) = 30.77 / (30.77 + 0.5307) = 0.983
Weight Cost Debt = 100% - 0.983 = 0.017
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 = 0.3313
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.3313 * 5.94 + 0 = 0.0472
WACC = (0.0242 / 0.5307) * (100% - 0.983) * (1 - 0.21) + 0.0472 + 0.983 = 3.61
Terminal Value = Discount (2.61 * (1 + 0.0411) / (3.61 - 0.0411)) = 453.75
Company Value = ∑ (2.61 / (1 + 3.61) ^ 5) = 10.84
Price = (Terminal Value + Company Value) / Count shares = (453.75 + 10.84) / 2544900000 = 182.56