HKEX: 0772 - China Literature 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 = 0.7865
CAGR EPS = -0.0893%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.7865 * (1 + -0.0893%) / (0.0433 * 2) = 9.07

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) = 1.76
Ebitda Yield = 0.0794
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 = 0.0197
Debt = 0.618
Market Cap = 32.94
Weight Debt = Market Cap / (Market Cap + Debt) = 32.94 / (32.94 + 0.618) = 0.9816
Weight Cost Debt = 100% - 0.9816 = 0.0184
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 = 1.4
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 1.4 * 18.88 + 0.91 = 0.2753
WACC = (0.0197 / 0.618) * (100% - 0.9816) * (1 - 0.25) + 0.2753 + 0.9816 = 2.63
Terminal Value = Discount (1.76 * (1 + 0.0794) / (2.63 - 0.0794)) = 31.38
Company Value = ∑ (1.76 / (1 + 2.63) ^ 5) = 7
Price = (Terminal Value + Company Value) / Count shares = (31.38 + 7) / 1023390000 = 37.49

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) = 1.46
FCF Yield = 0.0881
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 = 0.0197
Debt = 0.618
Market Cap = 32.94
Weight Debt = Market Cap / (Market Cap + Debt) = 32.94 / (32.94 + 0.618) = 0.9816
Weight Cost Debt = 100% - 0.9816 = 0.0184
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 = 1.4
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 1.4 * 18.88 + 0.91 = 0.2753
WACC = (0.0197 / 0.618) * (100% - 0.9816) * (1 - 0.25) + 0.2753 + 0.9816 = 2.63
Terminal Value = Discount (1.46 * (1 + 0.0881) / (2.63 - 0.0881)) = 22.51
Company Value = ∑ (1.46 / (1 + 2.63) ^ 5) = 5.7
Price = (Terminal Value + Company Value) / Count shares = (22.51 + 5.7) / 1023390000 = 27.57