SSE: 603688 - Jiangsu Pacific Quartz 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 = 13.95
CAGR EPS = 96.22%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 51.13 + (51.13 * 96.22% / 100) = 100.33

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 14.05
Ebitda Yield = 0.4638
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 = 1.7E-5
Debt = 0.0017
Market Cap = 37.29
Weight Debt = Market Cap / (Market Cap + Debt) = 37.29 / (37.29 + 0.0017) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.6328
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6328 * 5.94 + 0 = -0.0076
WACC = (1.7E-5 / 0.0017) * (100% - 1) * (1 - 0.21) + -0.0076 + 1 = 0.7943
Terminal Value = Discount (14.05 * (1 + 0.4638) / (0.7943 - 0.4638)) = 43.35
Company Value = ∑ (14.05 / (1 + 0.7943) ^ 5) = 36.64
Price = (Terminal Value + Company Value) / Count shares = (43.35 + 36.64) / 361280000 = 221.42

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) = 1171.69
FCF Yield = 2.18
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 = 1.7E-5
Debt = 0.0017
Market Cap = 37.29
Weight Debt = Market Cap / (Market Cap + Debt) = 37.29 / (37.29 + 0.0017) = 1
Weight Cost Debt = 100% - 1 = 0
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 = -0.6328
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6328 * 5.94 + 0 = -0.0076
WACC = (1.7E-5 / 0.0017) * (100% - 1) * (1 - 0.21) + -0.0076 + 1 = 0.7943
Terminal Value = Discount (1171.69 * (1 + 2.18) / (0.7943 - 2.18)) = 1648.93
Company Value = ∑ (1171.69 / (1 + 0.7943) ^ 5) = 1643.66
Price = (Terminal Value + Company Value) / Count shares = (1648.93 + 1643.66) / 361280000 = 9113.67