HKEX: 9626 - Bilibili Inc.

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 = -11.7
CAGR EPS = 21.71%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 139.45 + (139.45 * 21.71% / 100) = 169.73

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) = -636.63
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 = 0.1649
Debt = 12.81
Market Cap = 53.85
Weight Debt = Market Cap / (Market Cap + Debt) = 53.85 / (53.85 + 12.81) = 0.8078
Weight Cost Debt = 100% - 0.8078 = 0.1922
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) = 0.3
β = 2.05
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 2.05 * 18.88 + 0.91 = 0.3987
WACC = (0.1649 / 12.81) * (100% - 0.8078) * (1 - 0.25) + 0.3987 + 0.8078 = 1.28
Terminal Value = Discount (-636.63 * (1 + 1.39) / (1.28 - 1.39)) = -1036.67
Company Value = ∑ (-636.63 / (1 + 1.28) ^ 5) = -1022.51
Price = (Terminal Value + Company Value) / Count shares = (-1036.67 + -1022.51) / 412160000 = -4996.07

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) = -0.8692
FCF Yield = -0.0395
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 = 0.1649
Debt = 12.81
Market Cap = 53.85
Weight Debt = Market Cap / (Market Cap + Debt) = 53.85 / (53.85 + 12.81) = 0.8078
Weight Cost Debt = 100% - 0.8078 = 0.1922
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) = 0.3
β = 2.05
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = 0.3 + 2.05 * 18.88 + 0.91 = 0.3987
WACC = (0.1649 / 12.81) * (100% - 0.8078) * (1 - 0.25) + 0.3987 + 0.8078 = 1.28
Terminal Value = Discount (-0.8692 * (1 + -0.0395) / (1.28 - -0.0395)) = -14.97
Company Value = ∑ (-0.8692 / (1 + 1.28) ^ 5) = -4.55
Price = (Terminal Value + Company Value) / Count shares = (-14.97 + -4.55) / 412160000 = -47.35