HKEX: 0694 - Beijing Capital International Airport 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 = -0.3705
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.69 + (2.69 * 9.16% / 100) = 2.94

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) = 0.0147
Ebitda Yield = -0.3899
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 = 0.2821
Debt = 10.67
Market Cap = 21.29
Weight Debt = Market Cap / (Market Cap + Debt) = 21.29 / (21.29 + 10.67) = 0.6661
Weight Cost Debt = 100% - 0.6661 = 0.3339
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 = 0.8591
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.8591 * 18.88 + 0.91 = 0.1733
WACC = (0.2821 / 10.67) * (100% - 0.6661) * (1 - 0.25) + 0.1733 + 0.6661 = 2.08
Terminal Value = Discount (0.0147 * (1 + -0.3899) / (2.08 - -0.3899)) = 0.0196
Company Value = ∑ (0.0147 / (1 + 2.08) ^ 5) = 0.2379
Price = (Terminal Value + Company Value) / Count shares = (0.0196 + 0.2379) / 4579180000 = 0.0562

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) = 0.0112
FCF Yield = -1.42
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 = 0.2821
Debt = 10.67
Market Cap = 21.29
Weight Debt = Market Cap / (Market Cap + Debt) = 21.29 / (21.29 + 10.67) = 0.6661
Weight Cost Debt = 100% - 0.6661 = 0.3339
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 = 0.8591
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.8591 * 18.88 + 0.91 = 0.1733
WACC = (0.2821 / 10.67) * (100% - 0.6661) * (1 - 0.25) + 0.1733 + 0.6661 = 2.08
Terminal Value = Discount (0.0112 * (1 + -1.42) / (2.08 - -1.42)) = -0.003
Company Value = ∑ (0.0112 / (1 + 2.08) ^ 5) = 0.2559
Price = (Terminal Value + Company Value) / Count shares = (-0.003 + 0.2559) / 4579180000 = 0.0552