OTC: SZIHF - Shenzhen International Holdings 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 = 0.1018
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.8511 + (0.8511 * 9.16% / 100) = 0.9291

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 = 0.4513
g = 1.26
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
Price = (0.4513 * (1 + 1.26)) / (0.026 - 1.26) = 0.8271

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) = 1.38
Ebitda Yield = 0.0303
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 = 2.06
Debt = 31.82
Market Cap = 1.9
Weight Debt = Market Cap / (Market Cap + Debt) = 1.9 / (1.9 + 31.82) = 0.0563
Weight Cost Debt = 100% - 0.0563 = 0.9437
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (2.06 / 31.82) * (100% - 0.0563) * (1 - 0.21) + 0.026 + 0.0563 = 5.12
Terminal Value = Discount (1.38 * (1 + 0.0303) / (5.12 - 0.0303)) = 52.83
Company Value = ∑ (1.38 / (1 + 5.12) ^ 5) = 5.58
Price = (Terminal Value + Company Value) / Count shares = (52.83 + 5.58) / 2392020000 = 24.42

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) = 5.44
FCF Yield = -2.04
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 = 2.06
Debt = 31.82
Market Cap = 1.9
Weight Debt = Market Cap / (Market Cap + Debt) = 1.9 / (1.9 + 31.82) = 0.0563
Weight Cost Debt = 100% - 0.0563 = 0.9437
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (2.06 / 31.82) * (100% - 0.0563) * (1 - 0.21) + 0.026 + 0.0563 = 5.12
Terminal Value = Discount (5.44 * (1 + -2.04) / (5.12 - -2.04)) = -2.11
Company Value = ∑ (5.44 / (1 + 5.12) ^ 5) = 4.34
Price = (Terminal Value + Company Value) / Count shares = (-2.11 + 4.34) / 2392020000 = 0.9324