NASDAQ: HCM - Hutchison China MediTech 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 = 0.1159
CAGR EPS = 20.46%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1159 * (1 + 20.46%) / (0.0433 * 2) = 1.61

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) = 0.0482
Ebitda Yield = 0.1357
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 = 0.000759
Debt = 0.0833
Market Cap = 2.32
Weight Debt = Market Cap / (Market Cap + Debt) = 2.32 / (2.32 + 0.0833) = 0.9654
Weight Cost Debt = 100% - 0.9654 = 0.0346
Tax = 0.21
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) = 2.75
β = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.23 * 5.94 + 0 = -0.0458
WACC = (0.000759 / 0.0833) * (100% - 0.9654) * (1 - 0.21) + -0.0458 + 0.9654 = 0.6689
Terminal Value = Discount (0.0482 * (1 + 0.1357) / (0.6689 - 0.1357)) = 0.4107
Company Value = ∑ (0.0482 / (1 + 0.6689) ^ 5) = 0.1859
Price = (Terminal Value + Company Value) / Count shares = (0.4107 + 0.1859) / 173840000 = 3.43

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) = 0.5929
FCF Yield = 0.2601
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 = 0.000759
Debt = 0.0833
Market Cap = 2.32
Weight Debt = Market Cap / (Market Cap + Debt) = 2.32 / (2.32 + 0.0833) = 0.9654
Weight Cost Debt = 100% - 0.9654 = 0.0346
Tax = 0.21
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) = 2.75
β = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.23 * 5.94 + 0 = -0.0458
WACC = (0.000759 / 0.0833) * (100% - 0.9654) * (1 - 0.21) + -0.0458 + 0.9654 = 0.6689
Terminal Value = Discount (0.5929 * (1 + 0.2601) / (0.6689 - 0.2601)) = 2.85
Company Value = ∑ (0.5929 / (1 + 0.6689) ^ 5) = 1.92
Price = (Terminal Value + Company Value) / Count shares = (2.85 + 1.92) / 173840000 = 27.47