NYSE: TME - Tencent Music Entertainment Group

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 = 3.11
CAGR EPS = 1.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.1 + (11.1 * 1.17% / 100) = 11.22

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.137
g = 0.1489
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) = 3
β = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.05 * 5.94 + 0 = 0.0926
Price = (0.137 * (1 + 0.1489)) / (0.0926 - 0.1489) = 2.8

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) = 10.26
Ebitda Yield = 0.0742
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 = 0.124
Debt = 5.75
Market Cap = 11.64
Weight Debt = Market Cap / (Market Cap + Debt) = 11.64 / (11.64 + 5.75) = 0.6693
Weight Cost Debt = 100% - 0.6693 = 0.3307
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) = 3
β = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.05 * 5.94 + 0 = 0.0926
WACC = (0.124 / 5.75) * (100% - 0.6693) * (1 - 0.21) + 0.0926 + 0.6693 = 1.75
Terminal Value = Discount (10.26 * (1 + 0.0742) / (1.75 - 0.0742)) = 178.34
Company Value = ∑ (10.26 / (1 + 1.75) ^ 5) = 42.32
Price = (Terminal Value + Company Value) / Count shares = (178.34 + 42.32) / 1584190000 = 139.29

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) = 6.39
FCF Yield = 0.0069
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 = 0.124
Debt = 5.75
Market Cap = 11.64
Weight Debt = Market Cap / (Market Cap + Debt) = 11.64 / (11.64 + 5.75) = 0.6693
Weight Cost Debt = 100% - 0.6693 = 0.3307
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) = 3
β = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.05 * 5.94 + 0 = 0.0926
WACC = (0.124 / 5.75) * (100% - 0.6693) * (1 - 0.21) + 0.0926 + 0.6693 = 1.75
Terminal Value = Discount (6.39 * (1 + 0.0069) / (1.75 - 0.0069)) = 553.59
Company Value = ∑ (6.39 / (1 + 1.75) ^ 5) = 29.91
Price = (Terminal Value + Company Value) / Count shares = (553.59 + 29.91) / 1584190000 = 368.33