HKEX: 0425 - Minth Group 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 = 1.64
CAGR EPS = 2.39%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.77 + (12.77 * 2.39% / 100) = 13.08

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) = 5.59
Ebitda Yield = 0.0621
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 = 0.5155
Debt = 9.15
Market Cap = 26.9
Weight Debt = Market Cap / (Market Cap + Debt) = 26.9 / (26.9 + 9.15) = 0.7462
Weight Cost Debt = 100% - 0.7462 = 0.2538
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) = 0.1
β = 1.78
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 1.78 * 18.88 + 0.91 = 0.3463
WACC = (0.5155 / 9.15) * (100% - 0.7462) * (1 - 0.25) + 0.3463 + 0.7462 = 4.45
Terminal Value = Discount (5.59 * (1 + 0.0621) / (4.45 - 0.0621)) = 272.58
Company Value = ∑ (5.59 / (1 + 4.45) ^ 5) = 21.77
Price = (Terminal Value + Company Value) / Count shares = (272.58 + 21.77) / 1161990000 = 253.32

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) = 0.0178
FCF Yield = -0.2714
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 = 0.5155
Debt = 9.15
Market Cap = 26.9
Weight Debt = Market Cap / (Market Cap + Debt) = 26.9 / (26.9 + 9.15) = 0.7462
Weight Cost Debt = 100% - 0.7462 = 0.2538
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) = 0.1
β = 1.78
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 1.78 * 18.88 + 0.91 = 0.3463
WACC = (0.5155 / 9.15) * (100% - 0.7462) * (1 - 0.25) + 0.3463 + 0.7462 = 4.45
Terminal Value = Discount (0.0178 * (1 + -0.2714) / (4.45 - -0.2714)) = 0.033
Company Value = ∑ (0.0178 / (1 + 4.45) ^ 5) = 0.1669
Price = (Terminal Value + Company Value) / Count shares = (0.033 + 0.1669) / 1161990000 = 0.1721