I estimate BYD’s value at RMB277 per share, implying an upside of 30% from today’s price. This is derived from my DCF-based valuation using a WACC of 9.7% and a terminal growth rate of 3%.
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Formulas & definitions (list)
Explanation of items and the used formulas within the ValueModel. Quick jump to: P&L – Supplemental – BS: Assets – BS: Liabilities
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Cost of equity
ValueModel checks whether your cost of equity is reasonable. To make sure none of the cost of equity estimates is unreasonable results below
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Dividend payout ratio and ROE
The ValueModel checks whether your ROE and DPR forecast deviates substantially from the past.
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Common valuation mistakes
Don’t lose sight of the bigger picture of the complex of Business valuation. The ValueModel is designed for the analyst to avoid mistakes.
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Code of ethics
The CFA Institute Code of Ethics and Standards of Professional Conduct are fundamental as the code every analyst should follow.
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Change in working capital
ValueModel checks if the change in working capital is in line with historical figures. If the company is spending in advance of its growth…
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Cash to sales
The ValueModel checks whether your cash-to-sales-ratio forecast deviates substantially from the past. Necessary for the unexpected
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