HKEX: 1929 - Chow Tai Fook Jewellery 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 = 0.6502
CAGR EPS = 17.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.96 + (8.96 * 17.52% / 100) = 10.52

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 = 0.75
g = 0.2898
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 = 0.6923
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.6923 * 18.88 + 0.91 = 0.1418
Price = (0.75 * (1 + 0.2898)) / (0.1418 - 0.2898) = 6.54

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) = 22.91
Ebitda Yield = 0.153
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 = 0.7046
Debt = 29.89
Market Cap = 125.6
Weight Debt = Market Cap / (Market Cap + Debt) = 125.6 / (125.6 + 29.89) = 0.8078
Weight Cost Debt = 100% - 0.8078 = 0.1922
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 = 0.6923
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.6923 * 18.88 + 0.91 = 0.1418
WACC = (0.7046 / 29.89) * (100% - 0.8078) * (1 - 0.25) + 0.1418 + 0.8078 = 1.87
Terminal Value = Discount (22.91 * (1 + 0.153) / (1.87 - 0.153)) = 179.31
Company Value = ∑ (22.91 / (1 + 1.87) ^ 5) = 82.77
Price = (Terminal Value + Company Value) / Count shares = (179.31 + 82.77) / 10000000000 = 26.21

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) = 18.82
FCF Yield = 0.0871
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 = 0.7046
Debt = 29.89
Market Cap = 125.6
Weight Debt = Market Cap / (Market Cap + Debt) = 125.6 / (125.6 + 29.89) = 0.8078
Weight Cost Debt = 100% - 0.8078 = 0.1922
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 = 0.6923
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0.6923 * 18.88 + 0.91 = 0.1418
WACC = (0.7046 / 29.89) * (100% - 0.8078) * (1 - 0.25) + 0.1418 + 0.8078 = 1.87
Terminal Value = Discount (18.82 * (1 + 0.0871) / (1.87 - 0.0871)) = 272.46
Company Value = ∑ (18.82 / (1 + 1.87) ^ 5) = 75.64
Price = (Terminal Value + Company Value) / Count shares = (272.46 + 75.64) / 10000000000 = 34.81