HKEX: 0956 - China Suntien Green Energy Corporation 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 = 0.5272
CAGR EPS = 3.89%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.96 + (2.96 * 3.89% / 100) = 3.07

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 = 0.2353
g = 0.1937
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 = 0.7941
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.7941 * 18.88 + 0.91 = 0.161
Price = (0.2353 * (1 + 0.1937)) / (0.161 - 0.1937) = 8.6

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) = 10.51
Ebitda Yield = 0.0864
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 = 1.09
Debt = 38.98
Market Cap = 27.22
Weight Debt = Market Cap / (Market Cap + Debt) = 27.22 / (27.22 + 38.98) = 0.4112
Weight Cost Debt = 100% - 0.4112 = 0.5888
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 = 0.7941
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.7941 * 18.88 + 0.91 = 0.161
WACC = (1.09 / 38.98) * (100% - 0.4112) * (1 - 0.25) + 0.161 + 0.4112 = 2.15
Terminal Value = Discount (10.51 * (1 + 0.0864) / (2.15 - 0.0864)) = 158.26
Company Value = ∑ (10.51 / (1 + 2.15) ^ 5) = 41.95
Price = (Terminal Value + Company Value) / Count shares = (158.26 + 41.95) / 4187090000 = 47.82

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) = -1.41
FCF Yield = -0.0392
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 = 1.09
Debt = 38.98
Market Cap = 27.22
Weight Debt = Market Cap / (Market Cap + Debt) = 27.22 / (27.22 + 38.98) = 0.4112
Weight Cost Debt = 100% - 0.4112 = 0.5888
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 = 0.7941
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.7941 * 18.88 + 0.91 = 0.161
WACC = (1.09 / 38.98) * (100% - 0.4112) * (1 - 0.25) + 0.161 + 0.4112 = 2.15
Terminal Value = Discount (-1.41 * (1 + -0.0392) / (2.15 - -0.0392)) = -20.1
Company Value = ∑ (-1.41 / (1 + 2.15) ^ 5) = -7.21
Price = (Terminal Value + Company Value) / Count shares = (-20.1 + -7.21) / 4187090000 = -6.52