SZSE: 000001 - Ping An Bank 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 = 2.29
CAGR EPS = 8.21%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 10.59 + (10.59 * 8.21% / 100) = 11.45

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) = 189.54
Ebitda Yield = 0.0287
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 = 98.75
Debt = 886.49
Market Cap = 224.33
Weight Debt = Market Cap / (Market Cap + Debt) = 224.33 / (224.33 + 886.49) = 0.2019
Weight Cost Debt = 100% - 0.2019 = 0.7981
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 = 0.6309
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6309 * 5.94 + 0 = 0.065
WACC = (98.75 / 886.49) * (100% - 0.2019) * (1 - 0.21) + 0.065 + 0.2019 = 8.8
Terminal Value = Discount (189.54 * (1 + 0.0287) / (8.8 - 0.0287)) = 2157.88
Company Value = ∑ (189.54 / (1 + 8.8) ^ 5) = 697.66
Price = (Terminal Value + Company Value) / Count shares = (2157.88 + 697.66) / 20689000000 = 138.02

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) = 281.86
FCF Yield = 0.2583
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 = 98.75
Debt = 886.49
Market Cap = 224.33
Weight Debt = Market Cap / (Market Cap + Debt) = 224.33 / (224.33 + 886.49) = 0.2019
Weight Cost Debt = 100% - 0.2019 = 0.7981
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 = 0.6309
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.6309 * 5.94 + 0 = 0.065
WACC = (98.75 / 886.49) * (100% - 0.2019) * (1 - 0.21) + 0.065 + 0.2019 = 8.8
Terminal Value = Discount (281.86 * (1 + 0.2583) / (8.8 - 0.2583)) = 1366.16
Company Value = ∑ (281.86 / (1 + 8.8) ^ 5) = 705.95
Price = (Terminal Value + Company Value) / Count shares = (1366.16 + 705.95) / 20689000000 = 100.16