SSE: 600048 - Poly Developments and Holdings Group 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 = 1.01
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 10.8 + (10.8 * 9.16% / 100) = 11.79

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) = 31.88
Ebitda Yield = -0.0491
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 = 6.57
Debt = 375.17
Market Cap = 169.5
Weight Debt = Market Cap / (Market Cap + Debt) = 169.5 / (169.5 + 375.17) = 0.3112
Weight Cost Debt = 100% - 0.3112 = 0.6888
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) = 2.6
β = 0.8522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.8522 * 5.94 + 0 = 0.0766
WACC = (6.57 / 375.17) * (100% - 0.3112) * (1 - 0.21) + 0.0766 + 0.3112 = 1.4
Terminal Value = Discount (31.88 * (1 + -0.0491) / (1.4 - -0.0491)) = 447.66
Company Value = ∑ (31.88 / (1 + 1.4) ^ 5) = 169.77
Price = (Terminal Value + Company Value) / Count shares = (447.66 + 169.77) / 11970440000 = 51.58

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) = 49.4
FCF Yield = 0.0216
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 = 6.57
Debt = 375.17
Market Cap = 169.5
Weight Debt = Market Cap / (Market Cap + Debt) = 169.5 / (169.5 + 375.17) = 0.3112
Weight Cost Debt = 100% - 0.3112 = 0.6888
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) = 2.6
β = 0.8522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.8522 * 5.94 + 0 = 0.0766
WACC = (6.57 / 375.17) * (100% - 0.3112) * (1 - 0.21) + 0.0766 + 0.3112 = 1.4
Terminal Value = Discount (49.4 * (1 + 0.0216) / (1.4 - 0.0216)) = 6260.18
Company Value = ∑ (49.4 / (1 + 1.4) ^ 5) = 227
Price = (Terminal Value + Company Value) / Count shares = (6260.18 + 227) / 11970440000 = 541.93