SSE: 603979 - JCHX Mining Management 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 = 1.71
CAGR EPS = 26.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.71 * (1 + 26.14%) / (0.0433 * 2) = 24.95

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) = 1.12
Ebitda Yield = 0.0411
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 = 0.1257
Debt = 2.23
Market Cap = 17.87
Weight Debt = Market Cap / (Market Cap + Debt) = 17.87 / (17.87 + 2.23) = 0.8891
Weight Cost Debt = 100% - 0.8891 = 0.1109
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) = 2.89
β = 0.4765
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4765 * 5.94 + 0 = 0.0572
WACC = (0.1257 / 2.23) * (100% - 0.8891) * (1 - 0.21) + 0.0572 + 0.8891 = 4.46
Terminal Value = Discount (1.12 * (1 + 0.0411) / (4.46 - 0.0411)) = 265.83
Company Value = ∑ (1.12 / (1 + 4.46) ^ 5) = 4.55
Price = (Terminal Value + Company Value) / Count shares = (265.83 + 4.55) / 602140000 = 449.03

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) = 0.0991
FCF Yield = -1.7
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 = 0.1257
Debt = 2.23
Market Cap = 17.87
Weight Debt = Market Cap / (Market Cap + Debt) = 17.87 / (17.87 + 2.23) = 0.8891
Weight Cost Debt = 100% - 0.8891 = 0.1109
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) = 2.89
β = 0.4765
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4765 * 5.94 + 0 = 0.0572
WACC = (0.1257 / 2.23) * (100% - 0.8891) * (1 - 0.21) + 0.0572 + 0.8891 = 4.46
Terminal Value = Discount (0.0991 * (1 + -1.7) / (4.46 - -1.7)) = -0.032
Company Value = ∑ (0.0991 / (1 + 4.46) ^ 5) = 0.2659
Price = (Terminal Value + Company Value) / Count shares = (-0.032 + 0.2659) / 602140000 = 0.3885