SSE: 688009 - China Railway Signal & Communication Corporation Limited

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 = 0.3284
CAGR EPS = -2.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3284 * (1 + -2.88%) / (0.0433 * 2) = 3.68

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) = 5.67
Ebitda Yield = 0.0065
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 = 0.0767
Debt = 5.94
Market Cap = 54.35
Weight Debt = Market Cap / (Market Cap + Debt) = 54.35 / (54.35 + 5.94) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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 = -0.1474
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1474 * 5.94 + 0 = 0.0194
WACC = (0.0767 / 5.94) * (100% - 0.9015) * (1 - 0.21) + 0.0194 + 0.9015 = 1.03
Terminal Value = Discount (5.67 * (1 + 0.0065) / (1.03 - 0.0065)) = 1416.39
Company Value = ∑ (5.67 / (1 + 1.03) ^ 5) = 27.12
Price = (Terminal Value + Company Value) / Count shares = (1416.39 + 27.12) / 10589820000 = 136.31

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) = 0.2385
FCF Yield = -0.1873
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 = 0.0767
Debt = 5.94
Market Cap = 54.35
Weight Debt = Market Cap / (Market Cap + Debt) = 54.35 / (54.35 + 5.94) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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 = -0.1474
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1474 * 5.94 + 0 = 0.0194
WACC = (0.0767 / 5.94) * (100% - 0.9015) * (1 - 0.21) + 0.0194 + 0.9015 = 1.03
Terminal Value = Discount (0.2385 * (1 + -0.1873) / (1.03 - -0.1873)) = 0.9322
Company Value = ∑ (0.2385 / (1 + 1.03) ^ 5) = 1.83
Price = (Terminal Value + Company Value) / Count shares = (0.9322 + 1.83) / 10589820000 = 0.2613