OTC: KNBWY - Kirin Holdings Company, 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 = 139.16
CAGR EPS = 191.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 13.96 + (13.96 * 191.25% / 100) = 40.64

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) = 29161.89
Ebitda Yield = 1.51
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 = 10.52
Debt = 675.81
Market Cap = 12.39
Weight Debt = Market Cap / (Market Cap + Debt) = 12.39 / (12.39 + 675.81) = 0.018
Weight Cost Debt = 100% - 0.018 = 0.982
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 = -0.4477
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4477 * 5.94 + 0 = 0.0016
WACC = (10.52 / 675.81) * (100% - 0.018) * (1 - 0.21) + 0.0016 + 0.018 = 1.23
Terminal Value = Discount (29161.89 * (1 + 1.51) / (1.23 - 1.51)) = 46018.94
Company Value = ∑ (29161.89 / (1 + 1.23) ^ 5) = 45524.41
Price = (Terminal Value + Company Value) / Count shares = (46018.94 + 45524.41) / 809850000 = 113037.41

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) = 6884.44
FCF Yield = 1.38
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 = 10.52
Debt = 675.81
Market Cap = 12.39
Weight Debt = Market Cap / (Market Cap + Debt) = 12.39 / (12.39 + 675.81) = 0.018
Weight Cost Debt = 100% - 0.018 = 0.982
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 = -0.4477
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4477 * 5.94 + 0 = 0.0016
WACC = (10.52 / 675.81) * (100% - 0.018) * (1 - 0.21) + 0.0016 + 0.018 = 1.23
Terminal Value = Discount (6884.44 * (1 + 1.38) / (1.23 - 1.38)) = 11255.59
Company Value = ∑ (6884.44 / (1 + 1.23) ^ 5) = 11100.22
Price = (Terminal Value + Company Value) / Count shares = (11255.59 + 11100.22) / 809850000 = 27604.87