HKEX: 1660 - Zhaobangji Properties 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 = -0.0045
CAGR EPS = -174.29%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -174.29% / 100) = 0.0388

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) = 0.077
Ebitda Yield = -0.0021
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 = 0.0017
Debt = 0.0102
Market Cap = 1.73
Weight Debt = Market Cap / (Market Cap + Debt) = 1.73 / (1.73 + 0.0102) = 0.9941
Weight Cost Debt = 100% - 0.9941 = 0.0059
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 = -0.0386
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.0386 * 18.88 + 0.91 = -0.0052
WACC = (0.0017 / 0.0102) * (100% - 0.9941) * (1 - 0.25) + -0.0052 + 0.9941 = 12.11
Terminal Value = Discount (0.077 * (1 + -0.0021) / (12.11 - -0.0021)) = 0.3524
Company Value = ∑ (0.077 / (1 + 12.11) ^ 5) = 0.2781
Price = (Terminal Value + Company Value) / Count shares = (0.3524 + 0.2781) / 6195000000 = 0.1018

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) = 0.1507
FCF Yield = 0.2855
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 = 0.0017
Debt = 0.0102
Market Cap = 1.73
Weight Debt = Market Cap / (Market Cap + Debt) = 1.73 / (1.73 + 0.0102) = 0.9941
Weight Cost Debt = 100% - 0.9941 = 0.0059
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 = -0.0386
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.0386 * 18.88 + 0.91 = -0.0052
WACC = (0.0017 / 0.0102) * (100% - 0.9941) * (1 - 0.25) + -0.0052 + 0.9941 = 12.11
Terminal Value = Discount (0.1507 * (1 + 0.2855) / (12.11 - 0.2855)) = 0.6653
Company Value = ∑ (0.1507 / (1 + 12.11) ^ 5) = 0.3297
Price = (Terminal Value + Company Value) / Count shares = (0.6653 + 0.3297) / 6195000000 = 0.1606