SSE: 603392 - Beijing Wantai Biological Pharmacy Enterprise 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 = 0.9838
CAGR EPS = 20.8%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9838 * (1 + 20.8%) / (0.0433 * 2) = 13.72

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) = 61.47
Ebitda Yield = 0.6271
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 = 0.0069
Debt = 0.302
Market Cap = 77.07
Weight Debt = Market Cap / (Market Cap + Debt) = 77.07 / (77.07 + 0.302) = 0.9961
Weight Cost Debt = 100% - 0.9961 = 0.0039
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) = 3
β = -0.2584
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2584 * 5.94 + 0 = 0.0147
WACC = (0.0069 / 0.302) * (100% - 0.9961) * (1 - 0.21) + 0.0147 + 0.9961 = 1.79
Terminal Value = Discount (61.47 * (1 + 0.6271) / (1.79 - 0.6271)) = 150.24
Company Value = ∑ (61.47 / (1 + 1.79) ^ 5) = 135.84
Price = (Terminal Value + Company Value) / Count shares = (150.24 + 135.84) / 1268210000 = 225.58

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) = 1.03
FCF Yield = 0.2228
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 = 0.0069
Debt = 0.302
Market Cap = 77.07
Weight Debt = Market Cap / (Market Cap + Debt) = 77.07 / (77.07 + 0.302) = 0.9961
Weight Cost Debt = 100% - 0.9961 = 0.0039
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) = 3
β = -0.2584
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.2584 * 5.94 + 0 = 0.0147
WACC = (0.0069 / 0.302) * (100% - 0.9961) * (1 - 0.21) + 0.0147 + 0.9961 = 1.79
Terminal Value = Discount (1.03 * (1 + 0.2228) / (1.79 - 0.2228)) = 5.65
Company Value = ∑ (1.03 / (1 + 1.79) ^ 5) = 3.39
Price = (Terminal Value + Company Value) / Count shares = (5.65 + 3.39) / 1268210000 = 7.12