HKEX: 0268 - Kingdee International Software Group Company 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 = -0.0578
CAGR EPS = -238.31%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -238.31% / 100) = 0.9231

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) = 0.167
Ebitda Yield = -0.124
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 = 0.022
Debt = 0.5339
Market Cap = 44.64
Weight Debt = Market Cap / (Market Cap + Debt) = 44.64 / (44.64 + 0.5339) = 0.9882
Weight Cost Debt = 100% - 0.9882 = 0.0118
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 = 3.01
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 3.01 * 18.88 + 0.91 = 0.5706
WACC = (0.022 / 0.5339) * (100% - 0.9882) * (1 - 0.25) + 0.5706 + 0.9882 = 3.62
Terminal Value = Discount (0.167 * (1 + -0.124) / (3.62 - -0.124)) = 0.7648
Company Value = ∑ (0.167 / (1 + 3.62) ^ 5) = 1.01
Price = (Terminal Value + Company Value) / Count shares = (0.7648 + 1.01) / 3631350000 = 0.4876

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) = 0.0082
FCF Yield = -1.51
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 = 0.022
Debt = 0.5339
Market Cap = 44.64
Weight Debt = Market Cap / (Market Cap + Debt) = 44.64 / (44.64 + 0.5339) = 0.9882
Weight Cost Debt = 100% - 0.9882 = 0.0118
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 = 3.01
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 3.01 * 18.88 + 0.91 = 0.5706
WACC = (0.022 / 0.5339) * (100% - 0.9882) * (1 - 0.25) + 0.5706 + 0.9882 = 3.62
Terminal Value = Discount (0.0082 * (1 + -1.51) / (3.62 - -1.51)) = -0.0023
Company Value = ∑ (0.0082 / (1 + 3.62) ^ 5) = 0.0823
Price = (Terminal Value + Company Value) / Count shares = (-0.0023 + 0.0823) / 3631350000 = 0.022