HKEX: 2020 - ANTA Sports Products 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 = 3.61
CAGR EPS = 10.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.61 * (1 + 10.42%) / (0.0433 * 2) = 46.07

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 = 2.33
g = 0.208
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 = 0.8221
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8221 * 18.88 + 0.91 = 0.1573
Price = (2.33 * (1 + 0.208)) / (0.1573 - 0.208) = 55.52

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) = 38.48
Ebitda Yield = 0.1272
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 = 0.521
Debt = 19.5
Market Cap = 224.2
Weight Debt = Market Cap / (Market Cap + Debt) = 224.2 / (224.2 + 19.5) = 0.92
Weight Cost Debt = 100% - 0.92 = 0.08
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 = 0.8221
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8221 * 18.88 + 0.91 = 0.1573
WACC = (0.521 / 19.5) * (100% - 0.92) * (1 - 0.25) + 0.1573 + 0.92 = 2.13
Terminal Value = Discount (38.48 * (1 + 0.1272) / (2.13 - 0.1272)) = 368.6
Company Value = ∑ (38.48 / (1 + 2.13) ^ 5) = 143.53
Price = (Terminal Value + Company Value) / Count shares = (368.6 + 143.53) / 2832620000 = 180.8

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) = 43.2
FCF Yield = 0.1873
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 = 0.521
Debt = 19.5
Market Cap = 224.2
Weight Debt = Market Cap / (Market Cap + Debt) = 224.2 / (224.2 + 19.5) = 0.92
Weight Cost Debt = 100% - 0.92 = 0.08
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 = 0.8221
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.8221 * 18.88 + 0.91 = 0.1573
WACC = (0.521 / 19.5) * (100% - 0.92) * (1 - 0.25) + 0.1573 + 0.92 = 2.13
Terminal Value = Discount (43.2 * (1 + 0.1873) / (2.13 - 0.1873)) = 278.14
Company Value = ∑ (43.2 / (1 + 2.13) ^ 5) = 147.13
Price = (Terminal Value + Company Value) / Count shares = (278.14 + 147.13) / 2832620000 = 150.13