SSE : 601939

OTC : CICHF

OTC : CICHY

SSE : 601939

China Construction Bank Corporation

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 = 1.33
CAGR EPS = 4.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 7.6 + (7.6 * 4.85% / 100) = 7.97

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) = 823.3
Ebitda Yield = 0.0138
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 = 630.13
Debt = 3110
Market Cap = 969.5
Weight Debt = Market Cap / (Market Cap + Debt) = 969.5 / (969.5 + 3110) = 0.2377
Weight Cost Debt = 100% - 0.2377 = 0.7623
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) = 2.82
β = 0.317
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.317 * 5.94 + 0 = 0.047
WACC = (630.13 / 3110) * (100% - 0.2377) * (1 - 0.21) + 0.047 + 0.2377 = 15.98
Terminal Value = Discount (823.3 * (1 + 0.0138) / (15.98 - 0.0138)) = 2725.34
Company Value = ∑ (823.3 / (1 + 15.98) ^ 5) = 2613.73
Price = (Terminal Value + Company Value) / Count shares = (2725.34 + 2613.73) / 250010980000 = 21.36

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) = 670.2
FCF Yield = 0.0164
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 = 630.13
Debt = 3110
Market Cap = 969.5
Weight Debt = Market Cap / (Market Cap + Debt) = 969.5 / (969.5 + 3110) = 0.2377
Weight Cost Debt = 100% - 0.2377 = 0.7623
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) = 2.82
β = 0.317
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.317 * 5.94 + 0 = 0.047
WACC = (630.13 / 3110) * (100% - 0.2377) * (1 - 0.21) + 0.047 + 0.2377 = 15.98
Terminal Value = Discount (670.2 * (1 + 0.0164) / (15.98 - 0.0164)) = 2264.21
Company Value = ∑ (670.2 / (1 + 15.98) ^ 5) = 2115.46
Price = (Terminal Value + Company Value) / Count shares = (2264.21 + 2115.46) / 250010980000 = 17.52