SSE: 603000 - People.cn 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 = 0.2996
CAGR EPS = -0.3317%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2996 * (1 + -0.3317%) / (0.0433 * 2) = 3.45

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) = 0.3469
Ebitda Yield = -0.0291
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 = 0.0106
Debt = 0.2875
Market Cap = 36.87
Weight Debt = Market Cap / (Market Cap + Debt) = 36.87 / (36.87 + 0.2875) = 0.9923
Weight Cost Debt = 100% - 0.9923 = 0.0077
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 = -0.2087
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2087 * 5.94 + 0 = 0.0158
WACC = (0.0106 / 0.2875) * (100% - 0.9923) * (1 - 0.21) + 0.0158 + 0.9923 = 2.89
Terminal Value = Discount (0.3469 * (1 + -0.0291) / (2.89 - -0.0291)) = 5.03
Company Value = ∑ (0.3469 / (1 + 2.89) ^ 5) = 1.7
Price = (Terminal Value + Company Value) / Count shares = (5.03 + 1.7) / 1105690000 = 6.08

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) = 0.3765
FCF Yield = -0.0271
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 = 0.0106
Debt = 0.2875
Market Cap = 36.87
Weight Debt = Market Cap / (Market Cap + Debt) = 36.87 / (36.87 + 0.2875) = 0.9923
Weight Cost Debt = 100% - 0.9923 = 0.0077
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 = -0.2087
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2087 * 5.94 + 0 = 0.0158
WACC = (0.0106 / 0.2875) * (100% - 0.9923) * (1 - 0.21) + 0.0158 + 0.9923 = 2.89
Terminal Value = Discount (0.3765 * (1 + -0.0271) / (2.89 - -0.0271)) = 5.67
Company Value = ∑ (0.3765 / (1 + 2.89) ^ 5) = 1.83
Price = (Terminal Value + Company Value) / Count shares = (5.67 + 1.83) / 1105690000 = 6.79