SSE: 600016 - China Minsheng Banking Corp., 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 = 0.8182
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.93 + (3.93 * 8.66% / 100) = 4.26

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) = 115.6
Ebitda Yield = -0.0387
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 = 164.7
Debt = 1100
Market Cap = 162.07
Weight Debt = Market Cap / (Market Cap + Debt) = 162.07 / (162.07 + 1100) = 0.1284
Weight Cost Debt = 100% - 0.1284 = 0.8716
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 = 1.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.08 * 5.94 + 0 = 0.0919
WACC = (164.7 / 1100) * (100% - 0.1284) * (1 - 0.21) + 0.0919 + 0.1284 = 11.82
Terminal Value = Discount (115.6 * (1 + -0.0387) / (11.82 - -0.0387)) = 404.9
Company Value = ∑ (115.6 / (1 + 11.82) ^ 5) = 457.58
Price = (Terminal Value + Company Value) / Count shares = (404.9 + 457.58) / 43782420000 = 19.7

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) = 145.98
FCF Yield = 0.1756
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 = 164.7
Debt = 1100
Market Cap = 162.07
Weight Debt = Market Cap / (Market Cap + Debt) = 162.07 / (162.07 + 1100) = 0.1284
Weight Cost Debt = 100% - 0.1284 = 0.8716
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 = 1.08
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.08 * 5.94 + 0 = 0.0919
WACC = (164.7 / 1100) * (100% - 0.1284) * (1 - 0.21) + 0.0919 + 0.1284 = 11.82
Terminal Value = Discount (145.98 * (1 + 0.1756) / (11.82 - 0.1756)) = 1709.89
Company Value = ∑ (145.98 / (1 + 11.82) ^ 5) = 378.6
Price = (Terminal Value + Company Value) / Count shares = (1709.89 + 378.6) / 43782420000 = 47.7