OTC: BJWTF - Beijing Enterprises Water Group 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 = 0.2187
CAGR EPS = 29.78%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2645 + (0.2645 * 29.78% / 100) = 0.3433

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 = 0.0201
g = 0.0091
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) = 2.39
β = -0.7068
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.7068 * 5.94 + 0 = -0.0181
Price = (0.0201 * (1 + 0.0091)) / (-0.0181 - 0.0091) = 0.7448

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) = 9.49
Ebitda Yield = -0.0066
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 = 3.55
Debt = 80.64
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 80.64) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = -0.7068
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.7068 * 5.94 + 0 = -0.0181
WACC = (3.55 / 80.64) * (100% - 0) * (1 - 0.21) + -0.0181 + 0 = 3.48
Terminal Value = Discount (9.49 * (1 + -0.0066) / (3.48 - -0.0066)) = 191.87
Company Value = ∑ (9.49 / (1 + 3.48) ^ 5) = 43.44
Price = (Terminal Value + Company Value) / Count shares = (191.87 + 43.44) / 10021100000 = 23.48

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) = 0.9049
FCF Yield = 0.1268
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 = 3.55
Debt = 80.64
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 80.64) = 0
Weight Cost Debt = 100% - 0 = 1
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) = 2.39
β = -0.7068
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.7068 * 5.94 + 0 = -0.0181
WACC = (3.55 / 80.64) * (100% - 0) * (1 - 0.21) + -0.0181 + 0 = 3.48
Terminal Value = Discount (0.9049 * (1 + 0.1268) / (3.48 - 0.1268)) = 9.34
Company Value = ∑ (0.9049 / (1 + 3.48) ^ 5) = 3.24
Price = (Terminal Value + Company Value) / Count shares = (9.34 + 3.24) / 10021100000 = 1.26