HKEX: 8395 - Tree Holdings 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 = -0.0109
CAGR EPS = -227.01%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -227.01% / 100) = 0.1599

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) = 3.9E-5
Ebitda Yield = -1.39
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 = 0.0017
Debt = 0.0328
Market Cap = 1.17
Weight Debt = Market Cap / (Market Cap + Debt) = 1.17 / (1.17 + 0.0328) = 0.9727
Weight Cost Debt = 100% - 0.9727 = 0.0273
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 = -2.26
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -2.26 * 18.88 + 0.91 = -0.4254
WACC = (0.0017 / 0.0328) * (100% - 0.9727) * (1 - 0.25) + -0.4254 + 0.9727 = 3.37
Terminal Value = Discount (3.9E-5 * (1 + -1.39) / (3.37 - -1.39)) = 0
Company Value = ∑ (3.9E-5 / (1 + 3.37) ^ 5) = 0.0013
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0013) / 1584000000 = 0.000786

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) = 0.000187
FCF Yield = -1.63
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 = 0.0017
Debt = 0.0328
Market Cap = 1.17
Weight Debt = Market Cap / (Market Cap + Debt) = 1.17 / (1.17 + 0.0328) = 0.9727
Weight Cost Debt = 100% - 0.9727 = 0.0273
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 = -2.26
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + -2.26 * 18.88 + 0.91 = -0.4254
WACC = (0.0017 / 0.0328) * (100% - 0.9727) * (1 - 0.25) + -0.4254 + 0.9727 = 3.37
Terminal Value = Discount (0.000187 * (1 + -1.63) / (3.37 - -1.63)) = -6.0E-5
Company Value = ∑ (0.000187 / (1 + 3.37) ^ 5) = 0.000793
Price = (Terminal Value + Company Value) / Count shares = (-6.0E-5 + 0.000793) / 1584000000 = 0.000463