HKEX: 0941 - China Mobile 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 = 6.16
CAGR EPS = 3.39%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.16 * (1 + 3.39%) / (0.0433 * 2) = 73.58

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 = 5
g = 0.2301
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 = 0.8612
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8612 * 18.88 + 0.91 = 0.1647
Price = (5 * (1 + 0.2301)) / (0.1647 - 0.2301) = 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) = 422.5
Ebitda Yield = 0.0228
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 = 3.55
Debt = 112.33
Market Cap = 1410
Weight Debt = Market Cap / (Market Cap + Debt) = 1410 / (1410 + 112.33) = 0.9262
Weight Cost Debt = 100% - 0.9262 = 0.0738
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 = 0.8612
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8612 * 18.88 + 0.91 = 0.1647
WACC = (3.55 / 112.33) * (100% - 0.9262) * (1 - 0.25) + 0.1647 + 0.9262 = 2.5
Terminal Value = Discount (422.5 * (1 + 0.0228) / (2.5 - 0.0228)) = 170723.42
Company Value = ∑ (422.5 / (1 + 2.5) ^ 5) = 1875.14
Price = (Terminal Value + Company Value) / Count shares = (170723.42 + 1875.14) / 21378250000 = 8073.56

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) = 290.02
FCF Yield = 0.1881
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 = 3.55
Debt = 112.33
Market Cap = 1410
Weight Debt = Market Cap / (Market Cap + Debt) = 1410 / (1410 + 112.33) = 0.9262
Weight Cost Debt = 100% - 0.9262 = 0.0738
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 = 0.8612
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8612 * 18.88 + 0.91 = 0.1647
WACC = (3.55 / 112.33) * (100% - 0.9262) * (1 - 0.25) + 0.1647 + 0.9262 = 2.5
Terminal Value = Discount (290.02 * (1 + 0.1881) / (2.5 - 0.1881)) = 1867.5
Company Value = ∑ (290.02 / (1 + 2.5) ^ 5) = 974.83
Price = (Terminal Value + Company Value) / Count shares = (1867.5 + 974.83) / 21378250000 = 132.95