HKEX: 0591 - China High Precision Automation 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 = -0.0316
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.1285 + (0.1285 * 9.16% / 100) = 0.1403

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) = -0.1052
Ebitda Yield = 0.3661
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 = 3.2E-5
Debt = 0.000464
Market Cap = 0.1951
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1951 / (0.1951 + 0.000464) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 0.2
β = 0.3915
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.3915 * 18.88 + 0.91 = 0.085
WACC = (3.2E-5 / 0.000464) * (100% - 0.9976) * (1 - 0.25) + 0.085 + 0.9976 = 5.21
Terminal Value = Discount (-0.1052 * (1 + 0.3661) / (5.21 - 0.3661)) = -0.3549
Company Value = ∑ (-0.1052 / (1 + 5.21) ^ 5) = -0.2588
Price = (Terminal Value + Company Value) / Count shares = (-0.3549 + -0.2588) / 1037500000 = -0.5915

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) = 0.000136
FCF Yield = -1.45
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 = 3.2E-5
Debt = 0.000464
Market Cap = 0.1951
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1951 / (0.1951 + 0.000464) = 0.9976
Weight Cost Debt = 100% - 0.9976 = 0.0024
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) = 0.2
β = 0.3915
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.3915 * 18.88 + 0.91 = 0.085
WACC = (3.2E-5 / 0.000464) * (100% - 0.9976) * (1 - 0.25) + 0.085 + 0.9976 = 5.21
Terminal Value = Discount (0.000136 * (1 + -1.45) / (5.21 - -1.45)) = -3.2E-5
Company Value = ∑ (0.000136 / (1 + 5.21) ^ 5) = 0.0022
Price = (Terminal Value + Company Value) / Count shares = (-3.2E-5 + 0.0022) / 1037500000 = 0.0021