HKEX: 2136 - Lifestyle China 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 = 0.0661
CAGR EPS = 24.99%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.93 + (0.93 * 24.99% / 100) = 1.16

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) = 1.02
Ebitda Yield = 0.0911
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 = 0.2006
Debt = 4.97
Market Cap = 1.44
Weight Debt = Market Cap / (Market Cap + Debt) = 1.44 / (1.44 + 4.97) = 0.2246
Weight Cost Debt = 100% - 0.2246 = 0.7754
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) = 0.1
β = 2.27
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 2.27 * 18.88 + 0.91 = 0.438
WACC = (0.2006 / 4.97) * (100% - 0.2246) * (1 - 0.25) + 0.438 + 0.2246 = 3.12
Terminal Value = Discount (1.02 * (1 + 0.0911) / (3.12 - 0.0911)) = 15.9
Company Value = ∑ (1.02 / (1 + 3.12) ^ 5) = 3.91
Price = (Terminal Value + Company Value) / Count shares = (15.9 + 3.91) / 1464450000 = 13.53

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) = 1.18
FCF Yield = 0.2523
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 = 0.2006
Debt = 4.97
Market Cap = 1.44
Weight Debt = Market Cap / (Market Cap + Debt) = 1.44 / (1.44 + 4.97) = 0.2246
Weight Cost Debt = 100% - 0.2246 = 0.7754
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) = 0.1
β = 2.27
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.1 + 2.27 * 18.88 + 0.91 = 0.438
WACC = (0.2006 / 4.97) * (100% - 0.2246) * (1 - 0.25) + 0.438 + 0.2246 = 3.12
Terminal Value = Discount (1.18 * (1 + 0.2523) / (3.12 - 0.2523)) = 5.72
Company Value = ∑ (1.18 / (1 + 3.12) ^ 5) = 3.56
Price = (Terminal Value + Company Value) / Count shares = (5.72 + 3.56) / 1464450000 = 6.34