SSE: 600015 - Hua Xia Bank Co., 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 = 1.66
CAGR EPS = 3.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.75 + (6.75 * 3.87% / 100) = 7.01

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) = 100.54
Ebitda Yield = 0.0154
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 = 85.17
Debt = 756.41
Market Cap = 89.28
Weight Debt = Market Cap / (Market Cap + Debt) = 89.28 / (89.28 + 756.41) = 0.1056
Weight Cost Debt = 100% - 0.1056 = 0.8944
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) = 2.82
β = 0.2708
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2708 * 5.94 + 0 = 0.0443
WACC = (85.17 / 756.41) * (100% - 0.1056) * (1 - 0.21) + 0.0443 + 0.1056 = 8.89
Terminal Value = Discount (100.54 * (1 + 0.0154) / (8.89 - 0.0154)) = 906.69
Company Value = ∑ (100.54 / (1 + 8.89) ^ 5) = 379.53
Price = (Terminal Value + Company Value) / Count shares = (906.69 + 379.53) / 15914930000 = 80.82

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) = 219.48
FCF Yield = 0.0969
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 = 85.17
Debt = 756.41
Market Cap = 89.28
Weight Debt = Market Cap / (Market Cap + Debt) = 89.28 / (89.28 + 756.41) = 0.1056
Weight Cost Debt = 100% - 0.1056 = 0.8944
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) = 2.82
β = 0.2708
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.2708 * 5.94 + 0 = 0.0443
WACC = (85.17 / 756.41) * (100% - 0.1056) * (1 - 0.21) + 0.0443 + 0.1056 = 8.89
Terminal Value = Discount (219.48 * (1 + 0.0969) / (8.89 - 0.0969)) = 19768.57
Company Value = ∑ (219.48 / (1 + 8.89) ^ 5) = 706.51
Price = (Terminal Value + Company Value) / Count shares = (19768.57 + 706.51) / 15914930000 = 1286.53