SSE: 603259 - WuXi AppTec Co., Ltd.

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 = 3.24
CAGR EPS = 37.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 61.98 + (61.98 * 37.85% / 100) = 85.43

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) = 31.56
Ebitda Yield = 0.2253
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 = 0.0536
Debt = 5.67
Market Cap = 230.22
Weight Debt = Market Cap / (Market Cap + Debt) = 230.22 / (230.22 + 5.67) = 0.976
Weight Cost Debt = 100% - 0.976 = 0.024
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 = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.33 * 5.94 + 0 = 0.1675
WACC = (0.0536 / 5.67) * (100% - 0.976) * (1 - 0.21) + 0.1675 + 0.976 = 0.9031
Terminal Value = Discount (31.56 * (1 + 0.2253) / (0.9031 - 0.2253)) = 170.99
Company Value = ∑ (31.56 / (1 + 0.9031) ^ 5) = 106.23
Price = (Terminal Value + Company Value) / Count shares = (170.99 + 106.23) / 2968840000 = 93.38

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) = 100.23
FCF Yield = 0.6634
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 = 0.0536
Debt = 5.67
Market Cap = 230.22
Weight Debt = Market Cap / (Market Cap + Debt) = 230.22 / (230.22 + 5.67) = 0.976
Weight Cost Debt = 100% - 0.976 = 0.024
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 = 2.33
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.33 * 5.94 + 0 = 0.1675
WACC = (0.0536 / 5.67) * (100% - 0.976) * (1 - 0.21) + 0.1675 + 0.976 = 0.9031
Terminal Value = Discount (100.23 * (1 + 0.6634) / (0.9031 - 0.6634)) = 243.58
Company Value = ∑ (100.23 / (1 + 0.9031) ^ 5) = 223.58
Price = (Terminal Value + Company Value) / Count shares = (243.58 + 223.58) / 2968840000 = 157.36