HKEX: 0762 - China Unicom (Hong Kong) Limited

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.612
CAGR EPS = 18.67%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.612 * (1 + 18.67%) / (0.0433 * 2) = 8.39

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.4171
g = 0.0497
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 = 1.52
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.52 * 18.88 + 0.91 = 0.2889
Price = (0.4171 * (1 + 0.0497)) / (0.2889 - 0.0497) = 1.83

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) = 135.59
Ebitda Yield = 0.0304
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 = 1.98
Debt = 56.18
Market Cap = 174.41
Weight Debt = Market Cap / (Market Cap + Debt) = 174.41 / (174.41 + 56.18) = 0.7564
Weight Cost Debt = 100% - 0.7564 = 0.2436
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 = 1.52
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.52 * 18.88 + 0.91 = 0.2889
WACC = (1.98 / 56.18) * (100% - 0.7564) * (1 - 0.25) + 0.2889 + 0.7564 = 2.84
Terminal Value = Discount (135.59 * (1 + 0.0304) / (2.84 - 0.0304)) = 63181.1
Company Value = ∑ (135.59 / (1 + 2.84) ^ 5) = 587.07
Price = (Terminal Value + Company Value) / Count shares = (63181.1 + 587.07) / 30598000000 = 2084.06

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) = 15.64
FCF Yield = -0.0744
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 = 1.98
Debt = 56.18
Market Cap = 174.41
Weight Debt = Market Cap / (Market Cap + Debt) = 174.41 / (174.41 + 56.18) = 0.7564
Weight Cost Debt = 100% - 0.7564 = 0.2436
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 = 1.52
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.52 * 18.88 + 0.91 = 0.2889
WACC = (1.98 / 56.18) * (100% - 0.7564) * (1 - 0.25) + 0.2889 + 0.7564 = 2.84
Terminal Value = Discount (15.64 * (1 + -0.0744) / (2.84 - -0.0744)) = 122.38
Company Value = ∑ (15.64 / (1 + 2.84) ^ 5) = 84.84
Price = (Terminal Value + Company Value) / Count shares = (122.38 + 84.84) / 30598000000 = 6.77