SSE: 603338 - Zhejiang Dingli Machinery 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 = 3.69
CAGR EPS = 20.86%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.69 * (1 + 20.86%) / (0.0433 * 2) = 51.46

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) = 2.8
Ebitda Yield = 0.1144
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 = 0.0192
Debt = 1.61
Market Cap = 26.85
Weight Debt = Market Cap / (Market Cap + Debt) = 26.85 / (26.85 + 1.61) = 0.9434
Weight Cost Debt = 100% - 0.9434 = 0.0566
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 = 0.4068
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4068 * 5.94 + 0 = 0.0524
WACC = (0.0192 / 1.61) * (100% - 0.9434) * (1 - 0.21) + 0.0524 + 0.9434 = 0.9833
Terminal Value = Discount (2.8 * (1 + 0.1144) / (0.9833 - 0.1144)) = 28.43
Company Value = ∑ (2.8 / (1 + 0.9833) ^ 5) = 11.06
Price = (Terminal Value + Company Value) / Count shares = (28.43 + 11.06) / 506349999 = 77.99

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 6.42
FCF Yield = 0.2817
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 = 0.0192
Debt = 1.61
Market Cap = 26.85
Weight Debt = Market Cap / (Market Cap + Debt) = 26.85 / (26.85 + 1.61) = 0.9434
Weight Cost Debt = 100% - 0.9434 = 0.0566
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 = 0.4068
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.4068 * 5.94 + 0 = 0.0524
WACC = (0.0192 / 1.61) * (100% - 0.9434) * (1 - 0.21) + 0.0524 + 0.9434 = 0.9833
Terminal Value = Discount (6.42 * (1 + 0.2817) / (0.9833 - 0.2817)) = 28.82
Company Value = ∑ (6.42 / (1 + 0.9833) ^ 5) = 20.07
Price = (Terminal Value + Company Value) / Count shares = (28.82 + 20.07) / 506349999 = 96.57