HKEX: 1121 - Golden Solar New Energy Technology Holdings 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 = -0.163
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 3.08 + (3.08 * 9.16% / 100) = 3.36

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) = -2.28
Ebitda Yield = 0.517
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 = 0.0047
Debt = 0.0928
Market Cap = 12.71
Weight Debt = Market Cap / (Market Cap + Debt) = 12.71 / (12.71 + 0.0928) = 0.9928
Weight Cost Debt = 100% - 0.9928 = 0.0072
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 = -1.35
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.35 * 18.88 + 0.91 = -0.2436
WACC = (0.0047 / 0.0928) * (100% - 0.9928) * (1 - 0.25) + -0.2436 + 0.9928 = 3.52
Terminal Value = Discount (-2.28 * (1 + 0.517) / (3.52 - 0.517)) = -6.03
Company Value = ∑ (-2.28 / (1 + 3.52) ^ 5) = -5.13
Price = (Terminal Value + Company Value) / Count shares = (-6.03 + -5.13) / 1815660000 = -6.15

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) = -2.45
FCF Yield = 0.5418
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 = 0.0047
Debt = 0.0928
Market Cap = 12.71
Weight Debt = Market Cap / (Market Cap + Debt) = 12.71 / (12.71 + 0.0928) = 0.9928
Weight Cost Debt = 100% - 0.9928 = 0.0072
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 = -1.35
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1.35 * 18.88 + 0.91 = -0.2436
WACC = (0.0047 / 0.0928) * (100% - 0.9928) * (1 - 0.25) + -0.2436 + 0.9928 = 3.52
Terminal Value = Discount (-2.45 * (1 + 0.5418) / (3.52 - 0.5418)) = -6.26
Company Value = ∑ (-2.45 / (1 + 3.52) ^ 5) = -5.41
Price = (Terminal Value + Company Value) / Count shares = (-6.26 + -5.41) / 1815660000 = -6.43