HKEX: 0037 - Far East Hotels and Entertainment Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — 关键利率
Excess Key Rate — 期望超出关键利率
EPS = -0.0439
CAGR EPS = 1.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.485 + (0.485 * 1.87% / 100) = 0.4941

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.0028
Ebitda Yield = -1.69
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.000919
Debt = 0.0133
Market Cap = 0.8504
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8504 / (0.8504 + 0.0133) = 0.9847
Weight Cost Debt = 100% - 0.9847 = 0.0153
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = -0.7
β = -0.7819
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.7819 * 18.88 + 0.91 = -0.1455
WACC = (0.000919 / 0.0133) * (100% - 0.9847) * (1 - 0.25) + -0.1455 + 0.9847 = 5.01
Terminal Value = Discount (0.0028 * (1 + -1.69) / (5.01 - -1.69)) = -0.000875
Company Value = ∑ (0.0028 / (1 + 5.01) ^ 5) = 0.0078
Price = (Terminal Value + Company Value) / Count shares = (-0.000875 + 0.0078) / 752390000 = 0.0092

Price = (Terminal Value + Company Value) / Count shares
Price - 价格公道
Terminal Value — 预测后期间的成本
Company Value — 预测期内的成本
Count shares - 股份数量
Terminal Value = Discount FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.022
FCF Yield = -2.01
WACC = (Interest Expense / Debt) * (Weight Cost Debt) * (1 - Tax) + Cost Of Equity * Weight Debt
Interest Expense - 偿债成本
Debt - 责任
Weight Debt - 相对于债务的资本权重
Weight Cost Debt - 债务权重相对于资本总额
Tax - 税
Interest Expense = 0.000919
Debt = 0.0133
Market Cap = 0.8504
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8504 / (0.8504 + 0.0133) = 0.9847
Weight Cost Debt = 100% - 0.9847 = 0.0153
Tax = 0.25
Cost Of Equity — 贴现率
Cost Of Equity = k(f) + β * Risk Premium + Country Premium (Damodaran table)
k(f) — 无风险回报率
β (beta) — 确定股票（资产）相对于市场的风险度量，并显示股票盈利能力变化相对于市场盈利能力变化的敏感性。
Risk Premium — 风险溢价——投资股票的风险溢价
Country Premium - 国家风险
k(f) = -0.7
β = -0.7819
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.7819 * 18.88 + 0.91 = -0.1455
WACC = (0.000919 / 0.0133) * (100% - 0.9847) * (1 - 0.25) + -0.1455 + 0.9847 = 5.01
Terminal Value = Discount (0.022 * (1 + -2.01) / (5.01 - -2.01)) = -0.0085
Company Value = ∑ (0.022 / (1 + 5.01) ^ 5) = 0.0187
Price = (Terminal Value + Company Value) / Count shares = (-0.0085 + 0.0187) / 752390000 = 0.0136