SSE: 603195 - Gongniu Group 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 = 4.34
CAGR EPS = 18.71%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.34 * (1 + 18.71%) / (0.0433 * 2) = 59.5

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 4.94
Ebitda Yield = 0.0489
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 = 0.0283
Debt = 0.8884
Market Cap = 90.38
Weight Debt = Market Cap / (Market Cap + Debt) = 90.38 / (90.38 + 0.8884) = 0.9903
Weight Cost Debt = 100% - 0.9903 = 0.0097
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) = 2.89
β = -1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.49 * 5.94 + 0 = -0.0594
WACC = (0.0283 / 0.8884) * (100% - 0.9903) * (1 - 0.21) + -0.0594 + 0.9903 = 2.43
Terminal Value = Discount (4.94 * (1 + 0.0489) / (2.43 - 0.0489)) = 186.89
Company Value = ∑ (4.94 / (1 + 2.43) ^ 5) = 20.9
Price = (Terminal Value + Company Value) / Count shares = (186.89 + 20.9) / 891540000 = 233.06

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) = 8.08
FCF Yield = 0.1414
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 = 0.0283
Debt = 0.8884
Market Cap = 90.38
Weight Debt = Market Cap / (Market Cap + Debt) = 90.38 / (90.38 + 0.8884) = 0.9903
Weight Cost Debt = 100% - 0.9903 = 0.0097
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) = 2.89
β = -1.49
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.49 * 5.94 + 0 = -0.0594
WACC = (0.0283 / 0.8884) * (100% - 0.9903) * (1 - 0.21) + -0.0594 + 0.9903 = 2.43
Terminal Value = Discount (8.08 * (1 + 0.1414) / (2.43 - 0.1414)) = 69.87
Company Value = ∑ (8.08 / (1 + 2.43) ^ 5) = 29.2
Price = (Terminal Value + Company Value) / Count shares = (69.87 + 29.2) / 891540000 = 111.12