HKEX: 6855 - Ascentage Pharma Group International

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 = -3.19
CAGR EPS = 33.37%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 34.03 + (34.03 * 33.37% / 100) = 45.38

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) = -1.27
Ebitda Yield = 0.1318
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 = 0.0961
Debt = 1.79
Market Cap = 8.01
Weight Debt = Market Cap / (Market Cap + Debt) = 8.01 / (8.01 + 1.79) = 0.8173
Weight Cost Debt = 100% - 0.8173 = 0.1827
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 = 2.67
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 2.67 * 18.88 + 0.91 = 0.5156
WACC = (0.0961 / 1.79) * (100% - 0.8173) * (1 - 0.25) + 0.5156 + 0.8173 = 4.41
Terminal Value = Discount (-1.27 * (1 + 0.1318) / (4.41 - 0.1318)) = -13.16
Company Value = ∑ (-1.27 / (1 + 4.41) ^ 5) = -4.37
Price = (Terminal Value + Company Value) / Count shares = (-13.16 + -4.37) / 290200000 = -60.4

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) = -1.05
FCF Yield = 0.0611
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 = 0.0961
Debt = 1.79
Market Cap = 8.01
Weight Debt = Market Cap / (Market Cap + Debt) = 8.01 / (8.01 + 1.79) = 0.8173
Weight Cost Debt = 100% - 0.8173 = 0.1827
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 = 2.67
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + 2.67 * 18.88 + 0.91 = 0.5156
WACC = (0.0961 / 1.79) * (100% - 0.8173) * (1 - 0.25) + 0.5156 + 0.8173 = 4.41
Terminal Value = Discount (-1.05 * (1 + 0.0611) / (4.41 - 0.0611)) = -52.93
Company Value = ∑ (-1.05 / (1 + 4.41) ^ 5) = -4.11
Price = (Terminal Value + Company Value) / Count shares = (-52.93 + -4.11) / 290200000 = -196.56