HKEX: 2098 - Zall Smart Commerce Group Ltd.

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 = 0.0041
CAGR EPS = -14.13%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0041 * (1 + -14.13%) / (0.0433 * 2) = 0.0407

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) = 1.3
Ebitda Yield = 0.0865
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 = 0.4058
Debt = 18.27
Market Cap = 3.91
Weight Debt = Market Cap / (Market Cap + Debt) = 3.91 / (3.91 + 18.27) = 0.1763
Weight Cost Debt = 100% - 0.1763 = 0.8237
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 = -0.1047
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.1047 * 18.88 + 0.91 = -0.0177
WACC = (0.4058 / 18.27) * (100% - 0.1763) * (1 - 0.25) + -0.0177 + 0.1763 = 1.66
Terminal Value = Discount (1.3 * (1 + 0.0865) / (1.66 - 0.0865)) = 18.59
Company Value = ∑ (1.3 / (1 + 1.66) ^ 5) = 5.26
Price = (Terminal Value + Company Value) / Count shares = (18.59 + 5.26) / 12399510000 = 1.92

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) = 36.22
FCF Yield = 0.7984
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 = 0.4058
Debt = 18.27
Market Cap = 3.91
Weight Debt = Market Cap / (Market Cap + Debt) = 3.91 / (3.91 + 18.27) = 0.1763
Weight Cost Debt = 100% - 0.1763 = 0.8237
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 = -0.1047
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.1047 * 18.88 + 0.91 = -0.0177
WACC = (0.4058 / 18.27) * (100% - 0.1763) * (1 - 0.25) + -0.0177 + 0.1763 = 1.66
Terminal Value = Discount (36.22 * (1 + 0.7984) / (1.66 - 0.7984)) = 76.74
Company Value = ∑ (36.22 / (1 + 1.66) ^ 5) = 72.31
Price = (Terminal Value + Company Value) / Count shares = (76.74 + 72.31) / 12399510000 = 12.02