HKEX: 2882 - Hong Kong Resources Holdings Company 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 = -0.5018
CAGR EPS = 22.76%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.85 + (0.85 * 22.76% / 100) = 1.04

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) = 0.4566
Ebitda Yield = -0.049
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 = 0.0881
Debt = 1.41
Market Cap = 0.1106
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1106 / (0.1106 + 1.41) = 0.0727
Weight Cost Debt = 100% - 0.0727 = 0.9273
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 = -0.1858
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.1858 * 18.88 + 0.91 = -0.033
WACC = (0.0881 / 1.41) * (100% - 0.0727) * (1 - 0.25) + -0.033 + 0.0727 = 4.68
Terminal Value = Discount (0.4566 * (1 + -0.049) / (4.68 - -0.049)) = 3.61
Company Value = ∑ (0.4566 / (1 + 4.68) ^ 5) = 2.22
Price = (Terminal Value + Company Value) / Count shares = (3.61 + 2.22) / 269670000 = 21.62

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) = 0.0395
FCF Yield = -1.67
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 = 0.0881
Debt = 1.41
Market Cap = 0.1106
Weight Debt = Market Cap / (Market Cap + Debt) = 0.1106 / (0.1106 + 1.41) = 0.0727
Weight Cost Debt = 100% - 0.0727 = 0.9273
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 = -0.1858
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -0.1858 * 18.88 + 0.91 = -0.033
WACC = (0.0881 / 1.41) * (100% - 0.0727) * (1 - 0.25) + -0.033 + 0.0727 = 4.68
Terminal Value = Discount (0.0395 * (1 + -1.67) / (4.68 - -1.67)) = -0.0123
Company Value = ∑ (0.0395 / (1 + 4.68) ^ 5) = 0.1244
Price = (Terminal Value + Company Value) / Count shares = (-0.0123 + 0.1244) / 269670000 = 0.4156