HKEX: 0853 - MicroPort Scientific Corporation

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 = -0.2604
CAGR EPS = -203.34%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -203.34% / 100) = 3.11

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) = 0.0663
Ebitda Yield = -1.78
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 = 0.0927
Debt = 1.47
Market Cap = 24.93
Weight Debt = Market Cap / (Market Cap + Debt) = 24.93 / (24.93 + 1.47) = 0.9443
Weight Cost Debt = 100% - 0.9443 = 0.0557
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) = 0.5
β = 1.8
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 1.8 * 18.88 + 0.91 = 0.3535
WACC = (0.0927 / 1.47) * (100% - 0.9443) * (1 - 0.25) + 0.3535 + 0.9443 = 5.02
Terminal Value = Discount (0.0663 * (1 + -1.78) / (5.02 - -1.78)) = -0.0221
Company Value = ∑ (0.0663 / (1 + 5.02) ^ 5) = 0.1217
Price = (Terminal Value + Company Value) / Count shares = (-0.0221 + 0.1217) / 1834480000 = 0.0543

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) = -1.59
FCF Yield = 0.2976
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 = 0.0927
Debt = 1.47
Market Cap = 24.93
Weight Debt = Market Cap / (Market Cap + Debt) = 24.93 / (24.93 + 1.47) = 0.9443
Weight Cost Debt = 100% - 0.9443 = 0.0557
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) = 0.5
β = 1.8
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + 1.8 * 18.88 + 0.91 = 0.3535
WACC = (0.0927 / 1.47) * (100% - 0.9443) * (1 - 0.25) + 0.3535 + 0.9443 = 5.02
Terminal Value = Discount (-1.59 * (1 + 0.2976) / (5.02 - 0.2976)) = -6.51
Company Value = ∑ (-1.59 / (1 + 5.02) ^ 5) = -4.25
Price = (Terminal Value + Company Value) / Count shares = (-6.51 + -4.25) / 1834480000 = -5.86