HKEX: 3948 - Inner Mongolia Yitai Coal 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 = 3.37
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 17.4 + (17.4 * 9.16% / 100) = 18.99

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) = 28.64
Ebitda Yield = 0.1003
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 = 0.3483
Debt = 15.98
Market Cap = 38.78
Weight Debt = Market Cap / (Market Cap + Debt) = 38.78 / (38.78 + 15.98) = 0.7082
Weight Cost Debt = 100% - 0.7082 = 0.2918
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
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0 * 18.88 + 0.91 = 0.0111
WACC = (0.3483 / 15.98) * (100% - 0.7082) * (1 - 0.25) + 0.0111 + 0.7082 = 1.63
Terminal Value = Discount (28.64 * (1 + 0.1003) / (1.63 - 0.1003)) = 346.08
Company Value = ∑ (28.64 / (1 + 1.63) ^ 5) = 113.39
Price = (Terminal Value + Company Value) / Count shares = (346.08 + 113.39) / 3254010000 = 141.2

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) = 63.9
FCF Yield = 0.2506
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 = 0.3483
Debt = 15.98
Market Cap = 38.78
Weight Debt = Market Cap / (Market Cap + Debt) = 38.78 / (38.78 + 15.98) = 0.7082
Weight Cost Debt = 100% - 0.7082 = 0.2918
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
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 0 * 18.88 + 0.91 = 0.0111
WACC = (0.3483 / 15.98) * (100% - 0.7082) * (1 - 0.25) + 0.0111 + 0.7082 = 1.63
Terminal Value = Discount (63.9 * (1 + 0.2506) / (1.63 - 0.2506)) = 314.6
Company Value = ∑ (63.9 / (1 + 1.63) ^ 5) = 203.08
Price = (Terminal Value + Company Value) / Count shares = (314.6 + 203.08) / 3254010000 = 159.09