SSE: 688599 - Trina Solar 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 = 2.54
CAGR EPS = 47.51%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 27.64 + (27.64 * 47.51% / 100) = 40.77

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) = 15.08
Ebitda Yield = 0.1904
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 = 1.29
Debt = 31.15
Market Cap = 79.1
Weight Debt = Market Cap / (Market Cap + Debt) = 79.1 / (79.1 + 31.15) = 0.7175
Weight Cost Debt = 100% - 0.7175 = 0.2825
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) = 2.6
β = 2.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.3 * 5.94 + 0 = 0.1629
WACC = (1.29 / 31.15) * (100% - 0.7175) * (1 - 0.21) + 0.1629 + 0.7175 = 3.37
Terminal Value = Discount (15.08 * (1 + 0.1904) / (3.37 - 0.1904)) = 97.08
Company Value = ∑ (15.08 / (1 + 3.37) ^ 5) = 49.15
Price = (Terminal Value + Company Value) / Count shares = (97.08 + 49.15) / 2173560000 = 67.28

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) = 0.000831
FCF Yield = -1.34
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 = 1.29
Debt = 31.15
Market Cap = 79.1
Weight Debt = Market Cap / (Market Cap + Debt) = 79.1 / (79.1 + 31.15) = 0.7175
Weight Cost Debt = 100% - 0.7175 = 0.2825
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) = 2.6
β = 2.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.3 * 5.94 + 0 = 0.1629
WACC = (1.29 / 31.15) * (100% - 0.7175) * (1 - 0.21) + 0.1629 + 0.7175 = 3.37
Terminal Value = Discount (0.000831 * (1 + -1.34) / (3.37 - -1.34)) = -0.000173
Company Value = ∑ (0.000831 / (1 + 3.37) ^ 5) = 0.0469
Price = (Terminal Value + Company Value) / Count shares = (-0.000173 + 0.0469) / 2173560000 = 0.0215