NASDAQ: HOLI - Hollysys Automation Technologies Ltd.

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 = 1.72
CAGR EPS = -3.31%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.72 * (1 + -3.31%) / (0.0458 * 2) = 18.2

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) = 0.0965
Ebitda Yield = -0.0461
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 = 0.000878
Debt = 0.0339
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 0.0339) = 0.9681
Weight Cost Debt = 100% - 0.9681 = 0.0319
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) = 2.6
β = 1.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.8 * 5.94 + 0 = 0.1327
WACC = (0.000878 / 0.0339) * (100% - 0.9681) * (1 - 0.21) + 0.1327 + 0.9681 = 2.16
Terminal Value = Discount (0.0965 * (1 + -0.0461) / (2.16 - -0.0461)) = 1.22
Company Value = ∑ (0.0965 / (1 + 2.16) ^ 5) = 0.4997
Price = (Terminal Value + Company Value) / Count shares = (1.22 + 0.4997) / 62020000 = 27.77

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) = 0.000137
FCF Yield = -1.38
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 = 0.000878
Debt = 0.0339
Market Cap = 1.03
Weight Debt = Market Cap / (Market Cap + Debt) = 1.03 / (1.03 + 0.0339) = 0.9681
Weight Cost Debt = 100% - 0.9681 = 0.0319
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) = 2.6
β = 1.8
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.8 * 5.94 + 0 = 0.1327
WACC = (0.000878 / 0.0339) * (100% - 0.9681) * (1 - 0.21) + 0.1327 + 0.9681 = 2.16
Terminal Value = Discount (0.000137 * (1 + -1.38) / (2.16 - -1.38)) = -3.3E-5
Company Value = ∑ (0.000137 / (1 + 2.16) ^ 5) = 0.0048
Price = (Terminal Value + Company Value) / Count shares = (-3.3E-5 + 0.0048) / 62020000 = 0.0773