SSE: 600028 - China Petroleum & Chemical Corporation

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 = 0.5518
CAGR EPS = 1.65%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.99 + (5.99 * 1.65% / 100) = 6.08

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) = 220.42
Ebitda Yield = 0.0025
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 = 16.85
Debt = 448.08
Market Cap = 675.08
Weight Debt = Market Cap / (Market Cap + Debt) = 675.08 / (675.08 + 448.08) = 0.6011
Weight Cost Debt = 100% - 0.6011 = 0.3989
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 = -0.3655
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3655 * 5.94 + 0 = 0.0065
WACC = (16.85 / 448.08) * (100% - 0.6011) * (1 - 0.21) + 0.0065 + 0.6011 = 2.96
Terminal Value = Discount (220.42 * (1 + 0.0025) / (2.96 - 0.0025)) = 7058.01
Company Value = ∑ (220.42 / (1 + 2.96) ^ 5) = 1005.56
Price = (Terminal Value + Company Value) / Count shares = (7058.01 + 1005.56) / 119896410000 = 67.25

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) = 0.2372
FCF Yield = -1.47
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 = 16.85
Debt = 448.08
Market Cap = 675.08
Weight Debt = Market Cap / (Market Cap + Debt) = 675.08 / (675.08 + 448.08) = 0.6011
Weight Cost Debt = 100% - 0.6011 = 0.3989
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 = -0.3655
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3655 * 5.94 + 0 = 0.0065
WACC = (16.85 / 448.08) * (100% - 0.6011) * (1 - 0.21) + 0.0065 + 0.6011 = 2.96
Terminal Value = Discount (0.2372 * (1 + -1.47) / (2.96 - -1.47)) = -0.0646
Company Value = ∑ (0.2372 / (1 + 2.96) ^ 5) = 3.22
Price = (Terminal Value + Company Value) / Count shares = (-0.0646 + 3.22) / 119896410000 = 0.0263