NYSE: ACOPY - The a2 Milk Company 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 = 0.1317
CAGR EPS = -24.05%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1317 * (1 + -24.05%) / (0.0433 * 2) = 1.16

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) = 0.0425
Ebitda Yield = -0.2015
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 = 0.062
Market Cap = 2.28
Weight Debt = Market Cap / (Market Cap + Debt) = 2.28 / (2.28 + 0.062) = 0.9735
Weight Cost Debt = 100% - 0.9735 = 0.0265
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) = 2.82
β = -0.4969
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4969 * 5.94 + 0 = -0.0013
WACC = (0.0017 / 0.062) * (100% - 0.9735) * (1 - 0.21) + -0.0013 + 0.9735 = 2.14
Terminal Value = Discount (0.0425 * (1 + -0.2015) / (2.14 - -0.2015)) = 0.1369
Company Value = ∑ (0.0425 / (1 + 2.14) ^ 5) = 0.3318
Price = (Terminal Value + Company Value) / Count shares = (0.1369 + 0.3318) / 726560000 = 0.645

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) = 1.72
FCF Yield = 0.6658
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 = 0.062
Market Cap = 2.28
Weight Debt = Market Cap / (Market Cap + Debt) = 2.28 / (2.28 + 0.062) = 0.9735
Weight Cost Debt = 100% - 0.9735 = 0.0265
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) = 2.82
β = -0.4969
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4969 * 5.94 + 0 = -0.0013
WACC = (0.0017 / 0.062) * (100% - 0.9735) * (1 - 0.21) + -0.0013 + 0.9735 = 2.14
Terminal Value = Discount (1.72 * (1 + 0.6658) / (2.14 - 0.6658)) = 4.01
Company Value = ∑ (1.72 / (1 + 2.14) ^ 5) = 3.66
Price = (Terminal Value + Company Value) / Count shares = (4.01 + 3.66) / 726560000 = 10.55