OTC: XIACY - Xiaomi Corporation

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.69
CAGR EPS = 67.08%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.69 * (1 + 67.08%) / (0.0458 * 2) = 12.59

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) = 32.64
Ebitda Yield = 0.113
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 = 1.56
Debt = 28.57
Market Cap = 37.55
Weight Debt = Market Cap / (Market Cap + Debt) = 37.55 / (37.55 + 28.57) = 0.5679
Weight Cost Debt = 100% - 0.5679 = 0.4321
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 = 6.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 6.91 * 5.94 + 0 = 0.4365
WACC = (1.56 / 28.57) * (100% - 0.5679) * (1 - 0.21) + 0.4365 + 0.5679 = 4.53
Terminal Value = Discount (32.64 * (1 + 0.113) / (4.53 - 0.113)) = 429.93
Company Value = ∑ (32.64 / (1 + 4.53) ^ 5) = 115.81
Price = (Terminal Value + Company Value) / Count shares = (429.93 + 115.81) / 25324990000 = 21.55

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) = 64.87
FCF Yield = 0.1091
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 = 1.56
Debt = 28.57
Market Cap = 37.55
Weight Debt = Market Cap / (Market Cap + Debt) = 37.55 / (37.55 + 28.57) = 0.5679
Weight Cost Debt = 100% - 0.5679 = 0.4321
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 = 6.91
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 6.91 * 5.94 + 0 = 0.4365
WACC = (1.56 / 28.57) * (100% - 0.5679) * (1 - 0.21) + 0.4365 + 0.5679 = 4.53
Terminal Value = Discount (64.87 * (1 + 0.1091) / (4.53 - 0.1091)) = 903.69
Company Value = ∑ (64.87 / (1 + 4.53) ^ 5) = 231.73
Price = (Terminal Value + Company Value) / Count shares = (903.69 + 231.73) / 25324990000 = 44.83