HKEX: 1795 - Yadong Group Holdings Limited

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 = 0.0635
CAGR EPS = -7.02%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0635 * (1 + -7.02%) / (0.0433 * 2) = 0.6817

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.03
g = 0.0489
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 = -1.03
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.03 * 18.88 + 0.91 = -0.1931
Price = (0.03 * (1 + 0.0489)) / (-0.1931 - 0.0489) = 0.1301

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) = 0.0921
Ebitda Yield = 0.0223
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 = 0.0168
Debt = 0.297
Market Cap = 1.88
Weight Debt = Market Cap / (Market Cap + Debt) = 1.88 / (1.88 + 0.297) = 0.8636
Weight Cost Debt = 100% - 0.8636 = 0.1364
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 = -1.03
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.03 * 18.88 + 0.91 = -0.1931
WACC = (0.0168 / 0.297) * (100% - 0.8636) * (1 - 0.25) + -0.1931 + 0.8636 = 4.04
Terminal Value = Discount (0.0921 * (1 + 0.0223) / (4.04 - 0.0223)) = 4.27
Company Value = ∑ (0.0921 / (1 + 4.04) ^ 5) = 0.3915
Price = (Terminal Value + Company Value) / Count shares = (4.27 + 0.3915) / 600000000 = 7.77

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) = 0.0567
FCF Yield = -0.0272
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 = 0.0168
Debt = 0.297
Market Cap = 1.88
Weight Debt = Market Cap / (Market Cap + Debt) = 1.88 / (1.88 + 0.297) = 0.8636
Weight Cost Debt = 100% - 0.8636 = 0.1364
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 = -1.03
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -1.03 * 18.88 + 0.91 = -0.1931
WACC = (0.0168 / 0.297) * (100% - 0.8636) * (1 - 0.25) + -0.1931 + 0.8636 = 4.04
Terminal Value = Discount (0.0567 * (1 + -0.0272) / (4.04 - -0.0272)) = 0.6694
Company Value = ∑ (0.0567 / (1 + 4.04) ^ 5) = 0.2673
Price = (Terminal Value + Company Value) / Count shares = (0.6694 + 0.2673) / 600000000 = 1.56