HKEX: 2139 - Bank of Gansu Co., Ltd.

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 = 0.0428
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.315 + (0.315 * 8.66% / 100) = 0.3423

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) = 4.31
Ebitda Yield = -0.0366
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 = 8.47
Debt = 40
Market Cap = 11.91
Weight Debt = Market Cap / (Market Cap + Debt) = 11.91 / (11.91 + 40) = 0.2294
Weight Cost Debt = 100% - 0.2294 = 0.7706
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 = -0.5262
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.5262 * 18.88 + 0.91 = -0.0972
WACC = (8.47 / 40) * (100% - 0.2294) * (1 - 0.25) + -0.0972 + 0.2294 = 15.82
Terminal Value = Discount (4.31 * (1 + -0.0366) / (15.82 - -0.0366)) = 10.24
Company Value = ∑ (4.31 / (1 + 15.82) ^ 5) = 15.47
Price = (Terminal Value + Company Value) / Count shares = (10.24 + 15.47) / 15069790000 = 1.71

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) = 15.88
FCF Yield = 0.0876
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 = 8.47
Debt = 40
Market Cap = 11.91
Weight Debt = Market Cap / (Market Cap + Debt) = 11.91 / (11.91 + 40) = 0.2294
Weight Cost Debt = 100% - 0.2294 = 0.7706
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 = -0.5262
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.5262 * 18.88 + 0.91 = -0.0972
WACC = (8.47 / 40) * (100% - 0.2294) * (1 - 0.25) + -0.0972 + 0.2294 = 15.82
Terminal Value = Discount (15.88 * (1 + 0.0876) / (15.82 - 0.0876)) = 117.43
Company Value = ∑ (15.88 / (1 + 15.82) ^ 5) = 43.38
Price = (Terminal Value + Company Value) / Count shares = (117.43 + 43.38) / 15069790000 = 10.67