OTC: CFTLF - Chinasoft International 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 = 0.2506
CAGR EPS = 41.72%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.7181 + (0.7181 * 41.72% / 100) = 1.02

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 = 0.01
g = 0.1228
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 = 0.1827
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1827 * 5.94 + 0 = 0.0391
Price = (0.01 * (1 + 0.1228)) / (0.0391 - 0.1228) = 0.134

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) = 1.37
Ebitda Yield = 0.0014
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 = 0.2028
Debt = 3.13
Market Cap = 1.84
Weight Debt = Market Cap / (Market Cap + Debt) = 1.84 / (1.84 + 3.13) = 0.3701
Weight Cost Debt = 100% - 0.3701 = 0.6299
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 = 0.1827
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1827 * 5.94 + 0 = 0.0391
WACC = (0.2028 / 3.13) * (100% - 0.3701) * (1 - 0.21) + 0.0391 + 0.3701 = 5.11
Terminal Value = Discount (1.37 * (1 + 0.0014) / (5.11 - 0.0014)) = 21.5
Company Value = ∑ (1.37 / (1 + 5.11) ^ 5) = 5.89
Price = (Terminal Value + Company Value) / Count shares = (21.5 + 5.89) / 2846620000 = 9.62

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) = 0.1943
FCF Yield = -0.0939
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 = 0.2028
Debt = 3.13
Market Cap = 1.84
Weight Debt = Market Cap / (Market Cap + Debt) = 1.84 / (1.84 + 3.13) = 0.3701
Weight Cost Debt = 100% - 0.3701 = 0.6299
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 = 0.1827
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.1827 * 5.94 + 0 = 0.0391
WACC = (0.2028 / 3.13) * (100% - 0.3701) * (1 - 0.21) + 0.0391 + 0.3701 = 5.11
Terminal Value = Discount (0.1943 * (1 + -0.0939) / (5.11 - -0.0939)) = 0.9465
Company Value = ∑ (0.1943 / (1 + 5.11) ^ 5) = 1.04
Price = (Terminal Value + Company Value) / Count shares = (0.9465 + 1.04) / 2846620000 = 0.6984