HKEX: 1145 - Courage Investment Group 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 = -0.000465
CAGR EPS = -208.82%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -208.82% / 100) = 0.0058

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) = 2.7E-5
Ebitda Yield = -0.3282
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 = 2.4E-5
Debt = 0.0029
Market Cap = 0.0645
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0645 / (0.0645 + 0.0029) = 0.957
Weight Cost Debt = 100% - 0.957 = 0.043
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 = 1.82
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.82 * 18.88 + 0.91 = 0.3463
WACC = (2.4E-5 / 0.0029) * (100% - 0.957) * (1 - 0.25) + 0.3463 + 0.957 = 0.9462
Terminal Value = Discount (2.7E-5 * (1 + -0.3282) / (0.9462 - -0.3282)) = 5.0E-5
Company Value = ∑ (2.7E-5 / (1 + 0.9462) ^ 5) = 0.000336
Price = (Terminal Value + Company Value) / Count shares = (5.0E-5 + 0.000336) / 1097700000 = 0.000352

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) = 0.0048
FCF Yield = 0.15
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 = 2.4E-5
Debt = 0.0029
Market Cap = 0.0645
Weight Debt = Market Cap / (Market Cap + Debt) = 0.0645 / (0.0645 + 0.0029) = 0.957
Weight Cost Debt = 100% - 0.957 = 0.043
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 = 1.82
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.82 * 18.88 + 0.91 = 0.3463
WACC = (2.4E-5 / 0.0029) * (100% - 0.957) * (1 - 0.25) + 0.3463 + 0.957 = 0.9462
Terminal Value = Discount (0.0048 * (1 + 0.15) / (0.9462 - 0.15)) = 0.0377
Company Value = ∑ (0.0048 / (1 + 0.9462) ^ 5) = 0.018
Price = (Terminal Value + Company Value) / Count shares = (0.0377 + 0.018) / 1097700000 = 0.0508