HKEX: 0612 - China Investment Fund 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 = -0.1991
CAGR EPS = 0.3942%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.535 + (0.535 * 0.3942% / 100) = 0.5371

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) = -0.3638
Ebitda Yield = 0.0416
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 = 0.0088
Debt = 0.1113
Market Cap = 3.25
Weight Debt = Market Cap / (Market Cap + Debt) = 3.25 / (3.25 + 0.1113) = 0.9669
Weight Cost Debt = 100% - 0.9669 = 0.0331
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 = -1.16
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.16 * 18.88 + 0.91 = -0.2087
WACC = (0.0088 / 0.1113) * (100% - 0.9669) * (1 - 0.25) + -0.2087 + 0.9669 = 5.67
Terminal Value = Discount (-0.3638 * (1 + 0.0416) / (5.67 - 0.0416)) = -19.11
Company Value = ∑ (-0.3638 / (1 + 5.67) ^ 5) = -1.42
Price = (Terminal Value + Company Value) / Count shares = (-19.11 + -1.42) / 1561430000 = -13.15

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) = 0.0083
FCF Yield = -1.6
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 = 0.0088
Debt = 0.1113
Market Cap = 3.25
Weight Debt = Market Cap / (Market Cap + Debt) = 3.25 / (3.25 + 0.1113) = 0.9669
Weight Cost Debt = 100% - 0.9669 = 0.0331
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 = -1.16
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.16 * 18.88 + 0.91 = -0.2087
WACC = (0.0088 / 0.1113) * (100% - 0.9669) * (1 - 0.25) + -0.2087 + 0.9669 = 5.67
Terminal Value = Discount (0.0083 * (1 + -1.6) / (5.67 - -1.6)) = -0.0023
Company Value = ∑ (0.0083 / (1 + 5.67) ^ 5) = 0.0402
Price = (Terminal Value + Company Value) / Count shares = (-0.0023 + 0.0402) / 1561430000 = 0.0243