SSE: 688126 - National Silicon Industry Group 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 = 0.0679
CAGR EPS = 40.09%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0679 * (1 + 40.09%) / (0.0433 * 2) = 1.1

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) = 1.03
Ebitda Yield = 0.1098
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 = 0.0755
Debt = 2.9
Market Cap = 56.41
Weight Debt = Market Cap / (Market Cap + Debt) = 56.41 / (56.41 + 2.9) = 0.9511
Weight Cost Debt = 100% - 0.9511 = 0.0489
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 = -0.3702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3702 * 5.94 + 0 = 0.008
WACC = (0.0755 / 2.9) * (100% - 0.9511) * (1 - 0.21) + 0.008 + 0.9511 = 2.04
Terminal Value = Discount (1.03 * (1 + 0.1098) / (2.04 - 0.1098)) = 11.55
Company Value = ∑ (1.03 / (1 + 2.04) ^ 5) = 3.96
Price = (Terminal Value + Company Value) / Count shares = (11.55 + 3.96) / 2747180000 = 5.64

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) = -687.45
FCF Yield = 1.67
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 = 0.0755
Debt = 2.9
Market Cap = 56.41
Weight Debt = Market Cap / (Market Cap + Debt) = 56.41 / (56.41 + 2.9) = 0.9511
Weight Cost Debt = 100% - 0.9511 = 0.0489
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 = -0.3702
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3702 * 5.94 + 0 = 0.008
WACC = (0.0755 / 2.9) * (100% - 0.9511) * (1 - 0.21) + 0.008 + 0.9511 = 2.04
Terminal Value = Discount (-687.45 * (1 + 1.67) / (2.04 - 1.67)) = -1005.91
Company Value = ∑ (-687.45 / (1 + 2.04) ^ 5) = -997.69
Price = (Terminal Value + Company Value) / Count shares = (-1005.91 + -997.69) / 2747180000 = -729.33