HKEX: 1735 - Central Holding Group Co. Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.0157
CAGR EPS = 18.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0157 * (1 + 18.27%) / (0.0433 * 2) = 0.2144

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) = 0.0011
Ebitda Yield = -1.58
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 = 0.0252
Debt = 1.12
Market Cap = 18.63
Weight Debt = Market Cap / (Market Cap + Debt) = 18.63 / (18.63 + 1.12) = 0.9432
Weight Cost Debt = 100% - 0.9432 = 0.0568
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) = 0.5
β = -0.01
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + -0.01 * 18.88 + 0.91 = 0.0122
WACC = (0.0252 / 1.12) * (100% - 0.9432) * (1 - 0.25) + 0.0122 + 0.9432 = 1.68
Terminal Value = Discount (0.0011 * (1 + -1.58) / (1.68 - -1.58)) = -0.000362
Company Value = ∑ (0.0011 / (1 + 1.68) ^ 5) = 0.0063
Price = (Terminal Value + Company Value) / Count shares = (-0.000362 + 0.0063) / 4224000000 = 0.0014

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) = -40.4
FCF Yield = 0.8696
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 = 0.0252
Debt = 1.12
Market Cap = 18.63
Weight Debt = Market Cap / (Market Cap + Debt) = 18.63 / (18.63 + 1.12) = 0.9432
Weight Cost Debt = 100% - 0.9432 = 0.0568
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) = 0.5
β = -0.01
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.5 + -0.01 * 18.88 + 0.91 = 0.0122
WACC = (0.0252 / 1.12) * (100% - 0.9432) * (1 - 0.25) + 0.0122 + 0.9432 = 1.68
Terminal Value = Discount (-40.4 * (1 + 0.8696) / (1.68 - 0.8696)) = -81.49
Company Value = ∑ (-40.4 / (1 + 1.68) ^ 5) = -77.62
Price = (Terminal Value + Company Value) / Count shares = (-81.49 + -77.62) / 4224000000 = -37.67