SSE: 603298 - Hangcha 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 = 1.31
CAGR EPS = 12.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.31 * (1 + 12.04%) / (0.0433 * 2) = 16.99

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) = 1.86
Ebitda Yield = 0.0586
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 = 0.0508
Debt = 0.9335
Market Cap = 21.08
Weight Debt = Market Cap / (Market Cap + Debt) = 21.08 / (21.08 + 0.9335) = 0.9576
Weight Cost Debt = 100% - 0.9576 = 0.0424
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 = 1.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.18 * 5.94 + 0 = 0.0982
WACC = (0.0508 / 0.9335) * (100% - 0.9576) * (1 - 0.21) + 0.0982 + 0.9576 = 4.35
Terminal Value = Discount (1.86 * (1 + 0.0586) / (4.35 - 0.0586)) = 105.27
Company Value = ∑ (1.86 / (1 + 4.35) ^ 5) = 7.31
Price = (Terminal Value + Company Value) / Count shares = (105.27 + 7.31) / 935580000 = 120.33

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) = 1.48
FCF Yield = 0.0756
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 = 0.0508
Debt = 0.9335
Market Cap = 21.08
Weight Debt = Market Cap / (Market Cap + Debt) = 21.08 / (21.08 + 0.9335) = 0.9576
Weight Cost Debt = 100% - 0.9576 = 0.0424
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 = 1.18
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.18 * 5.94 + 0 = 0.0982
WACC = (0.0508 / 0.9335) * (100% - 0.9576) * (1 - 0.21) + 0.0982 + 0.9576 = 4.35
Terminal Value = Discount (1.48 * (1 + 0.0756) / (4.35 - 0.0756)) = 40.08
Company Value = ∑ (1.48 / (1 + 4.35) ^ 5) = 5.63
Price = (Terminal Value + Company Value) / Count shares = (40.08 + 5.63) / 935580000 = 48.85