HKEX: 3633 - Zhongyu Energy Holdings Limited

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 = 0.0883
CAGR EPS = -12.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0883 * (1 + -12.46%) / (0.0433 * 2) = 0.8926

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) = 1.65
Ebitda Yield = 0.000185
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 = 0.5879
Debt = 11.54
Market Cap = 15.5
Weight Debt = Market Cap / (Market Cap + Debt) = 15.5 / (15.5 + 11.54) = 0.5732
Weight Cost Debt = 100% - 0.5732 = 0.4268
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) = 0.2
β = -0.2139
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -0.2139 * 18.88 + 0.91 = -0.0293
WACC = (0.5879 / 11.54) * (100% - 0.5732) * (1 - 0.25) + -0.0293 + 0.5732 = 3.78
Terminal Value = Discount (1.65 * (1 + 0.000185) / (3.78 - 0.000185)) = 36.47
Company Value = ∑ (1.65 / (1 + 3.78) ^ 5) = 7.4
Price = (Terminal Value + Company Value) / Count shares = (36.47 + 7.4) / 2794200000 = 15.7

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) = -0.0407
FCF Yield = -0.1967
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 = 0.5879
Debt = 11.54
Market Cap = 15.5
Weight Debt = Market Cap / (Market Cap + Debt) = 15.5 / (15.5 + 11.54) = 0.5732
Weight Cost Debt = 100% - 0.5732 = 0.4268
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) = 0.2
β = -0.2139
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -0.2139 * 18.88 + 0.91 = -0.0293
WACC = (0.5879 / 11.54) * (100% - 0.5732) * (1 - 0.25) + -0.0293 + 0.5732 = 3.78
Terminal Value = Discount (-0.0407 * (1 + -0.1967) / (3.78 - -0.1967)) = -0.1159
Company Value = ∑ (-0.0407 / (1 + 3.78) ^ 5) = -0.3011
Price = (Terminal Value + Company Value) / Count shares = (-0.1159 + -0.3011) / 2794200000 = -0.1492