HKEX: 1908 - C&D International Investment Group 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 = 2.66
CAGR EPS = 7.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.76 + (13.76 * 7.04% / 100) = 14.73

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 = 1.3
g = 0.3078
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 = 0.9349
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.9349 * 18.88 + 0.91 = 0.1876
Price = (1.3 * (1 + 0.3078)) / (0.1876 - 0.3078) = 14.14

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) = 21.61
Ebitda Yield = 0.1811
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 = 0.3865
Debt = 90.78
Market Cap = 38.85
Weight Debt = Market Cap / (Market Cap + Debt) = 38.85 / (38.85 + 90.78) = 0.2997
Weight Cost Debt = 100% - 0.2997 = 0.7003
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 = 0.9349
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.9349 * 18.88 + 0.91 = 0.1876
WACC = (0.3865 / 90.78) * (100% - 0.2997) * (1 - 0.25) + 0.1876 + 0.2997 = 0.3746
Terminal Value = Discount (21.61 * (1 + 0.1811) / (0.3746 - 0.1811)) = 141.3
Company Value = ∑ (21.61 / (1 + 0.3746) ^ 5) = 78.65
Price = (Terminal Value + Company Value) / Count shares = (141.3 + 78.65) / 1895680000 = 116.03

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) = 300.9
FCF Yield = 0.6552
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 = 0.3865
Debt = 90.78
Market Cap = 38.85
Weight Debt = Market Cap / (Market Cap + Debt) = 38.85 / (38.85 + 90.78) = 0.2997
Weight Cost Debt = 100% - 0.2997 = 0.7003
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 = 0.9349
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.9349 * 18.88 + 0.91 = 0.1876
WACC = (0.3865 / 90.78) * (100% - 0.2997) * (1 - 0.25) + 0.1876 + 0.2997 = 0.3746
Terminal Value = Discount (300.9 * (1 + 0.6552) / (0.3746 - 0.6552)) = 750.38
Company Value = ∑ (300.9 / (1 + 0.3746) ^ 5) = 688.83
Price = (Terminal Value + Company Value) / Count shares = (750.38 + 688.83) / 1895680000 = 759.2