HKEX: 1558 - YiChang HEC ChangJiang Pharmaceutical Co., Ltd.

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 = 2.26
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.81 + (9.81 * 8.66% / 100) = 10.65

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) = 0.3783
Ebitda Yield = -0.0931
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 = 0.2274
Debt = 3.82
Market Cap = 5.96
Weight Debt = Market Cap / (Market Cap + Debt) = 5.96 / (5.96 + 3.82) = 0.6094
Weight Cost Debt = 100% - 0.6094 = 0.3906
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 = -0.1076
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -0.1076 * 18.88 + 0.91 = -0.0092
WACC = (0.2274 / 3.82) * (100% - 0.6094) * (1 - 0.25) + -0.0092 + 0.6094 = 4.43
Terminal Value = Discount (0.3783 * (1 + -0.0931) / (4.43 - -0.0931)) = 2.01
Company Value = ∑ (0.3783 / (1 + 4.43) ^ 5) = 2.06
Price = (Terminal Value + Company Value) / Count shares = (2.01 + 2.06) / 879970000 = 4.63

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) = 6.63
FCF Yield = 0.438
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 = 0.2274
Debt = 3.82
Market Cap = 5.96
Weight Debt = Market Cap / (Market Cap + Debt) = 5.96 / (5.96 + 3.82) = 0.6094
Weight Cost Debt = 100% - 0.6094 = 0.3906
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 = -0.1076
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -0.1076 * 18.88 + 0.91 = -0.0092
WACC = (0.2274 / 3.82) * (100% - 0.6094) * (1 - 0.25) + -0.0092 + 0.6094 = 4.43
Terminal Value = Discount (6.63 * (1 + 0.438) / (4.43 - 0.438)) = 19.49
Company Value = ∑ (6.63 / (1 + 4.43) ^ 5) = 15.55
Price = (Terminal Value + Company Value) / Count shares = (19.49 + 15.55) / 879970000 = 39.83