OTC: PANHF - Ping An Healthcare and Technology 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 = -0.0425
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.54 + (1.54 * 8.66% / 100) = 1.67

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 = 1.25
g = 0.0666
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) = 2.89
β = -1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.1 * 5.94 + 0 = -0.0363
Price = (1.25 * (1 + 0.0666)) / (-0.0363 - 0.0666) = 12.92

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) = -0.0594
Ebitda Yield = -0.184
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 = 0.000979
Debt = 0.0945
Market Cap = 2.87
Weight Debt = Market Cap / (Market Cap + Debt) = 2.87 / (2.87 + 0.0945) = 0.9681
Weight Cost Debt = 100% - 0.9681 = 0.0319
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) = 2.89
β = -1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.1 * 5.94 + 0 = -0.0363
WACC = (0.000979 / 0.0945) * (100% - 0.9681) * (1 - 0.21) + -0.0363 + 0.9681 = 0.7754
Terminal Value = Discount (-0.0594 * (1 + -0.184) / (0.7754 - -0.184)) = -0.2431
Company Value = ∑ (-0.0594 / (1 + 0.7754) ^ 5) = -0.4555
Price = (Terminal Value + Company Value) / Count shares = (-0.2431 + -0.4555) / 1080010000 = -0.6468

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) = -0.1967
FCF Yield = -0.096
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 = 0.000979
Debt = 0.0945
Market Cap = 2.87
Weight Debt = Market Cap / (Market Cap + Debt) = 2.87 / (2.87 + 0.0945) = 0.9681
Weight Cost Debt = 100% - 0.9681 = 0.0319
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) = 2.89
β = -1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.1 * 5.94 + 0 = -0.0363
WACC = (0.000979 / 0.0945) * (100% - 0.9681) * (1 - 0.21) + -0.0363 + 0.9681 = 0.7754
Terminal Value = Discount (-0.1967 * (1 + -0.096) / (0.7754 - -0.096)) = -1.65
Company Value = ∑ (-0.1967 / (1 + 0.7754) ^ 5) = -1.19
Price = (Terminal Value + Company Value) / Count shares = (-1.65 + -1.19) / 1080010000 = -2.63