HKEX: 8083 - China Youzan 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 = 0.000225
CAGR EPS = 14.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.000225 * (1 + 14.88%) / (0.0433 * 2) = 0.003

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) = 0.4168
Ebitda Yield = 0.1482
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 = 0.0276
Debt = 0.5464
Market Cap = 2.73
Weight Debt = Market Cap / (Market Cap + Debt) = 2.73 / (2.73 + 0.5464) = 0.8332
Weight Cost Debt = 100% - 0.8332 = 0.1668
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 = 0.0546
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.0546 * 18.88 + 0.91 = 0.0124
WACC = (0.0276 / 0.5464) * (100% - 0.8332) * (1 - 0.25) + 0.0124 + 0.8332 = 3.77
Terminal Value = Discount (0.4168 * (1 + 0.1482) / (3.77 - 0.1482)) = 3.6
Company Value = ∑ (0.4168 / (1 + 3.77) ^ 5) = 1.43
Price = (Terminal Value + Company Value) / Count shares = (3.6 + 1.43) / 32978310000 = 0.1525

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) = 0.0876
FCF Yield = 0.1256
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 = 0.0276
Debt = 0.5464
Market Cap = 2.73
Weight Debt = Market Cap / (Market Cap + Debt) = 2.73 / (2.73 + 0.5464) = 0.8332
Weight Cost Debt = 100% - 0.8332 = 0.1668
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 = 0.0546
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 0.0546 * 18.88 + 0.91 = 0.0124
WACC = (0.0276 / 0.5464) * (100% - 0.8332) * (1 - 0.25) + 0.0124 + 0.8332 = 3.77
Terminal Value = Discount (0.0876 * (1 + 0.1256) / (3.77 - 0.1256)) = 0.9318
Company Value = ∑ (0.0876 / (1 + 3.77) ^ 5) = 0.3113
Price = (Terminal Value + Company Value) / Count shares = (0.9318 + 0.3113) / 32978310000 = 0.0377