SSE: 688981 - Semiconductor Manufacturing International Corporation

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 = 0.1136
CAGR EPS = -19.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1136 * (1 + -19.37%) / (0.0433 * 2) = 1.06

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) = 120.51
Ebitda Yield = 0.289
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 = 0.2094
Debt = 9.66
Market Cap = 191.9
Weight Debt = Market Cap / (Market Cap + Debt) = 191.9 / (191.9 + 9.66) = 0.9521
Weight Cost Debt = 100% - 0.9521 = 0.0479
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) = 2.75
β = 4.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.23 * 5.94 + 0 = 0.2788
WACC = (0.2094 / 9.66) * (100% - 0.9521) * (1 - 0.21) + 0.2788 + 0.9521 = 1.96
Terminal Value = Discount (120.51 * (1 + 0.289) / (1.96 - 0.289)) = 523.19
Company Value = ∑ (120.51 / (1 + 1.96) ^ 5) = 361.19
Price = (Terminal Value + Company Value) / Count shares = (523.19 + 361.19) / 7946560000 = 111.29

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) = -3.18
FCF Yield = -0.0573
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 = 0.2094
Debt = 9.66
Market Cap = 191.9
Weight Debt = Market Cap / (Market Cap + Debt) = 191.9 / (191.9 + 9.66) = 0.9521
Weight Cost Debt = 100% - 0.9521 = 0.0479
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) = 2.75
β = 4.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 4.23 * 5.94 + 0 = 0.2788
WACC = (0.2094 / 9.66) * (100% - 0.9521) * (1 - 0.21) + 0.2788 + 0.9521 = 1.96
Terminal Value = Discount (-3.18 * (1 + -0.0573) / (1.96 - -0.0573)) = -35.38
Company Value = ∑ (-3.18 / (1 + 1.96) ^ 5) = -17
Price = (Terminal Value + Company Value) / Count shares = (-35.38 + -17) / 7946560000 = -6.59