SSE: 600000 - Shanghai Pudong Development 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 = 1.25
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 8.03 + (8.03 * 9.16% / 100) = 8.76

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) = 161.4
Ebitda Yield = -0.0139
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 = 179.16
Debt = 2200
Market Cap = 207.52
Weight Debt = Market Cap / (Market Cap + Debt) = 207.52 / (207.52 + 2200) = 0.0862
Weight Cost Debt = 100% - 0.0862 = 0.9138
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) = 2.75
β = 0.7992
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7992 * 5.94 + 0 = 0.075
WACC = (179.16 / 2200) * (100% - 0.0862) * (1 - 0.21) + 0.075 + 0.0862 = 6.43
Terminal Value = Discount (161.4 * (1 + -0.0139) / (6.43 - -0.0139)) = 1488.38
Company Value = ∑ (161.4 / (1 + 6.43) ^ 5) = 692.4
Price = (Terminal Value + Company Value) / Count shares = (1488.38 + 692.4) / 29352180000 = 74.3

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) = 1848.75
FCF Yield = 0.3755
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 = 179.16
Debt = 2200
Market Cap = 207.52
Weight Debt = Market Cap / (Market Cap + Debt) = 207.52 / (207.52 + 2200) = 0.0862
Weight Cost Debt = 100% - 0.0862 = 0.9138
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) = 2.75
β = 0.7992
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7992 * 5.94 + 0 = 0.075
WACC = (179.16 / 2200) * (100% - 0.0862) * (1 - 0.21) + 0.075 + 0.0862 = 6.43
Terminal Value = Discount (1848.75 * (1 + 0.3755) / (6.43 - 0.3755)) = 5984.11
Company Value = ∑ (1848.75 / (1 + 6.43) ^ 5) = 4323.83
Price = (Terminal Value + Company Value) / Count shares = (5984.11 + 4323.83) / 29352180000 = 351.18