HKEX: 8360 - AL Group 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 = -0.044
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.73 + (0.73 * 8.66% / 100) = 0.7932

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) = -0.0366
Ebitda Yield = 0.121
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 = 0.0019
Debt = 0.0176
Market Cap = 0.5945
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5945 / (0.5945 + 0.0176) = 0.9712
Weight Cost Debt = 100% - 0.9712 = 0.0288
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 = -1
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1 * 18.88 + 0.91 = -0.1781
WACC = (0.0019 / 0.0176) * (100% - 0.9712) * (1 - 0.25) + -0.1781 + 0.9712 = 7.78
Terminal Value = Discount (-0.0366 * (1 + 0.121) / (7.78 - 0.121)) = -0.654
Company Value = ∑ (-0.0366 / (1 + 7.78) ^ 5) = -0.1166
Price = (Terminal Value + Company Value) / Count shares = (-0.654 + -0.1166) / 360270000 = -2.14

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) = 0.0015
FCF Yield = 0.1264
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 = 0.0019
Debt = 0.0176
Market Cap = 0.5945
Weight Debt = Market Cap / (Market Cap + Debt) = 0.5945 / (0.5945 + 0.0176) = 0.9712
Weight Cost Debt = 100% - 0.9712 = 0.0288
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 = -1
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.2 + -1 * 18.88 + 0.91 = -0.1781
WACC = (0.0019 / 0.0176) * (100% - 0.9712) * (1 - 0.25) + -0.1781 + 0.9712 = 7.78
Terminal Value = Discount (0.0015 * (1 + 0.1264) / (7.78 - 0.1264)) = 0.0232
Company Value = ∑ (0.0015 / (1 + 7.78) ^ 5) = 0.0046
Price = (Terminal Value + Company Value) / Count shares = (0.0232 + 0.0046) / 360270000 = 0.077