HKEX: 9969 - InnoCare Pharma 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 = -0.358
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.85 + (6.85 * 8.66% / 100) = 7.44

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) = -3.29
Ebitda Yield = 0.3243
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 = 0.035
Debt = 0.3218
Market Cap = 12.05
Weight Debt = Market Cap / (Market Cap + Debt) = 12.05 / (12.05 + 0.3218) = 0.974
Weight Cost Debt = 100% - 0.974 = 0.026
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 = 1.57
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.57 * 18.88 + 0.91 = 0.2989
WACC = (0.035 / 0.3218) * (100% - 0.974) * (1 - 0.25) + 0.2989 + 0.974 = 8.38
Terminal Value = Discount (-3.29 * (1 + 0.3243) / (8.38 - 0.3243)) = -12.12
Company Value = ∑ (-3.29 / (1 + 8.38) ^ 5) = -7.67
Price = (Terminal Value + Company Value) / Count shares = (-12.12 + -7.67) / 1763130000 = -11.23

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) = -4.87
FCF Yield = 0.3936
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 = 0.035
Debt = 0.3218
Market Cap = 12.05
Weight Debt = Market Cap / (Market Cap + Debt) = 12.05 / (12.05 + 0.3218) = 0.974
Weight Cost Debt = 100% - 0.974 = 0.026
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 = 1.57
Risk Premium = 18.88
Country Premium = 0.91
Cost Of Equity = -0.7 + 1.57 * 18.88 + 0.91 = 0.2989
WACC = (0.035 / 0.3218) * (100% - 0.974) * (1 - 0.25) + 0.2989 + 0.974 = 8.38
Terminal Value = Discount (-4.87 * (1 + 0.3936) / (8.38 - 0.3936)) = -14.64
Company Value = ∑ (-4.87 / (1 + 8.38) ^ 5) = -10.48
Price = (Terminal Value + Company Value) / Count shares = (-14.64 + -10.48) / 1763130000 = -14.25