SSE: 601985 - China National Nuclear Power 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 = 0.5626
CAGR EPS = 13.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5626 * (1 + 13.68%) / (0.0433 * 2) = 7.39

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) = 26.44
Ebitda Yield = -0.0066
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 = 6.93
Debt = 276.25
Market Cap = 136.53
Weight Debt = Market Cap / (Market Cap + Debt) = 136.53 / (136.53 + 276.25) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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 = -0.3386
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.3386 * 5.94 + 0 = 0.0038
WACC = (6.93 / 276.25) * (100% - 0.3308) * (1 - 0.21) + 0.0038 + 0.3308 = 1.98
Terminal Value = Discount (26.44 * (1 + -0.0066) / (1.98 - -0.0066)) = 902.69
Company Value = ∑ (26.44 / (1 + 1.98) ^ 5) = 126.4
Price = (Terminal Value + Company Value) / Count shares = (902.69 + 126.4) / 18883280000 = 54.5

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) = 56.94
FCF Yield = -2.19
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 = 6.93
Debt = 276.25
Market Cap = 136.53
Weight Debt = Market Cap / (Market Cap + Debt) = 136.53 / (136.53 + 276.25) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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 = -0.3386
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.3386 * 5.94 + 0 = 0.0038
WACC = (6.93 / 276.25) * (100% - 0.3308) * (1 - 0.21) + 0.0038 + 0.3308 = 1.98
Terminal Value = Discount (56.94 * (1 + -2.19) / (1.98 - -2.19)) = -27.79
Company Value = ∑ (56.94 / (1 + 1.98) ^ 5) = 40.7
Price = (Terminal Value + Company Value) / Count shares = (-27.79 + 40.7) / 18883280000 = 0.6834