SSE: 600012 - Anhui Expressway Company Limited

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 = 1
CAGR EPS = 8.69%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1 * (1 + 8.69%) / (0.0458 * 2) = 11.87

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) = 2.24
Ebitda Yield = -0.0057
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 = 0.214
Debt = 6.73
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.73) = 0.6893
Weight Cost Debt = 100% - 0.6893 = 0.3107
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 = 0.0199
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0199 * 5.94 + 0 = 0.0287
WACC = (0.214 / 6.73) * (100% - 0.6893) * (1 - 0.21) + 0.0287 + 0.6893 = 2.51
Terminal Value = Discount (2.24 * (1 + -0.0057) / (2.51 - -0.0057)) = 63.93
Company Value = ∑ (2.24 / (1 + 2.51) ^ 5) = 10.55
Price = (Terminal Value + Company Value) / Count shares = (63.93 + 10.55) / 1658610000 = 44.9

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) = 0.5006
FCF 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 = 0.214
Debt = 6.73
Market Cap = 14.93
Weight Debt = Market Cap / (Market Cap + Debt) = 14.93 / (14.93 + 6.73) = 0.6893
Weight Cost Debt = 100% - 0.6893 = 0.3107
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 = 0.0199
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0199 * 5.94 + 0 = 0.0287
WACC = (0.214 / 6.73) * (100% - 0.6893) * (1 - 0.21) + 0.0287 + 0.6893 = 2.51
Terminal Value = Discount (0.5006 * (1 + -0.0139) / (2.51 - -0.0139)) = 11.16
Company Value = ∑ (0.5006 / (1 + 2.51) ^ 5) = 2.39
Price = (Terminal Value + Company Value) / Count shares = (11.16 + 2.39) / 1658610000 = 8.17