HKEX: 1776 - GF Securities 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 = 0.9156
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 11.14 + (11.14 * 9.16% / 100) = 12.16

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) = 21.3
Ebitda Yield = -0.0116
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 = 10.41
Debt = 337.58
Market Cap = 123.97
Weight Debt = Market Cap / (Market Cap + Debt) = 123.97 / (123.97 + 337.58) = 0.2686
Weight Cost Debt = 100% - 0.2686 = 0.7314
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) = 0.3
β = 3.95
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 3.95 * 18.88 + 0.91 = 0.7582
WACC = (10.41 / 337.58) * (100% - 0.2686) * (1 - 0.25) + 0.7582 + 0.2686 = 2.51
Terminal Value = Discount (21.3 * (1 + -0.0116) / (2.51 - -0.0116)) = 506.53
Company Value = ∑ (21.3 / (1 + 2.51) ^ 5) = 101.31
Price = (Terminal Value + Company Value) / Count shares = (506.53 + 101.31) / 7621090000 = 79.76

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) = 0.1076
FCF Yield = -1.41
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 = 10.41
Debt = 337.58
Market Cap = 123.97
Weight Debt = Market Cap / (Market Cap + Debt) = 123.97 / (123.97 + 337.58) = 0.2686
Weight Cost Debt = 100% - 0.2686 = 0.7314
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) = 0.3
β = 3.95
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 3.95 * 18.88 + 0.91 = 0.7582
WACC = (10.41 / 337.58) * (100% - 0.2686) * (1 - 0.25) + 0.7582 + 0.2686 = 2.51
Terminal Value = Discount (0.1076 * (1 + -1.41) / (2.51 - -1.41)) = -0.0269
Company Value = ∑ (0.1076 / (1 + 2.51) ^ 5) = 2.82
Price = (Terminal Value + Company Value) / Count shares = (-0.0269 + 2.82) / 7621090000 = 0.3665