OTC: CIHHF - China Merchants Bank Co., Ltd.

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 = 5.81
CAGR EPS = 9.94%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.4 + (4.4 * 9.94% / 100) = 4.84

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 = 0.2768
g = -0.1415
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 = -3.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.76 * 5.94 + 0 = -0.1951
Price = (0.2768 * (1 + -0.1415)) / (-0.1951 - -0.1415) = 4.44

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) = 2.52
Ebitda Yield = -0.2879
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 = 160.94
Debt = 1582.84
Market Cap = 116.64
Weight Debt = Market Cap / (Market Cap + Debt) = 116.64 / (116.64 + 1582.84) = 0.0686
Weight Cost Debt = 100% - 0.0686 = 0.9314
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 = -3.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.76 * 5.94 + 0 = -0.1951
WACC = (160.94 / 1582.84) * (100% - 0.0686) * (1 - 0.21) + -0.1951 + 0.0686 = 8.01
Terminal Value = Discount (2.52 * (1 + -0.2879) / (8.01 - -0.2879)) = 3.32
Company Value = ∑ (2.52 / (1 + 8.01) ^ 5) = 23.3
Price = (Terminal Value + Company Value) / Count shares = (3.32 + 23.3) / 25219850000 = 1.06

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) = 47774.76
FCF Yield = 1.06
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 = 160.94
Debt = 1582.84
Market Cap = 116.64
Weight Debt = Market Cap / (Market Cap + Debt) = 116.64 / (116.64 + 1582.84) = 0.0686
Weight Cost Debt = 100% - 0.0686 = 0.9314
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 = -3.76
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -3.76 * 5.94 + 0 = -0.1951
WACC = (160.94 / 1582.84) * (100% - 0.0686) * (1 - 0.21) + -0.1951 + 0.0686 = 8.01
Terminal Value = Discount (47774.76 * (1 + 1.06) / (8.01 - 1.06)) = 68313.74
Company Value = ∑ (47774.76 / (1 + 8.01) ^ 5) = 65606.19
Price = (Terminal Value + Company Value) / Count shares = (68313.74 + 65606.19) / 25219850000 = 5310.1