SSE: 603799 - Zhejiang Huayou Cobalt 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 = 1.96
CAGR EPS = 74.82%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 29.58 + (29.58 * 74.82% / 100) = 51.71

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) = 37.71
Ebitda Yield = 0.374
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 = 1.96
Debt = 46.11
Market Cap = 73.86
Weight Debt = Market Cap / (Market Cap + Debt) = 73.86 / (73.86 + 46.11) = 0.6157
Weight Cost Debt = 100% - 0.6157 = 0.3843
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 = 0.6398
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6398 * 5.94 + 0 = 0.0662
WACC = (1.96 / 46.11) * (100% - 0.6157) * (1 - 0.21) + 0.0662 + 0.6157 = 3.38
Terminal Value = Discount (37.71 * (1 + 0.374) / (3.38 - 0.374)) = 128.97
Company Value = ∑ (37.71 / (1 + 3.38) ^ 5) = 97.87
Price = (Terminal Value + Company Value) / Count shares = (128.97 + 97.87) / 1710090000 = 132.65

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) = -2047.06
FCF Yield = 1.74
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 = 1.96
Debt = 46.11
Market Cap = 73.86
Weight Debt = Market Cap / (Market Cap + Debt) = 73.86 / (73.86 + 46.11) = 0.6157
Weight Cost Debt = 100% - 0.6157 = 0.3843
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 = 0.6398
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.6398 * 5.94 + 0 = 0.0662
WACC = (1.96 / 46.11) * (100% - 0.6157) * (1 - 0.21) + 0.0662 + 0.6157 = 3.38
Terminal Value = Discount (-2047.06 * (1 + 1.74) / (3.38 - 1.74)) = -2786.8
Company Value = ∑ (-2047.06 / (1 + 3.38) ^ 5) = -2765.31
Price = (Terminal Value + Company Value) / Count shares = (-2786.8 + -2765.31) / 1710090000 = -3246.68