HKEX: 2108 - K2 F&B Holdings 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 = 0.0551
CAGR EPS = 7.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2015 + (0.2015 * 7.42% / 100) = 0.2164

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) = 0.0241
Ebitda Yield = 0.1827
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
Market Cap = 0.16
Weight Debt = Market Cap / (Market Cap + Debt) = 0.16 / (0.16 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.1032
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.1032 * 18.88 + 0.91 = 0.0216
WACC = (0.0168 / 0) * (100% - 0) * (1 - 0.25) + 0.0216 + 0 = 0
Terminal Value = Discount (0.0241 * (1 + 0.1827) / (0 - 0.1827)) = 0.1558
Company Value = ∑ (0.0241 / (1 + 0) ^ 5) = 0.0885
Price = (Terminal Value + Company Value) / Count shares = (0.1558 + 0.0885) / 800000000 = 0.3053

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) = 0.5399
FCF Yield = 0.7709
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
Market Cap = 0.16
Weight Debt = Market Cap / (Market Cap + Debt) = 0.16 / (0.16 + 0) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.1032
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.1032 * 18.88 + 0.91 = 0.0216
WACC = (0.0168 / 0) * (100% - 0) * (1 - 0.25) + 0.0216 + 0 = 0
Terminal Value = Discount (0.5399 * (1 + 0.7709) / (0 - 0.7709)) = 1.24
Company Value = ∑ (0.5399 / (1 + 0) ^ 5) = 1.17
Price = (Terminal Value + Company Value) / Count shares = (1.24 + 1.17) / 800000000 = 3.01