SSE: 600050 - China United Network Communications 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 = 0.284
CAGR EPS = 9.55%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.284 * (1 + 9.55%) / (0.0433 * 2) = 3.59

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) = 7.05
Ebitda Yield = -0.2039
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 = 0.1119
Debt = 2.84
Market Cap = 166.34
Weight Debt = Market Cap / (Market Cap + Debt) = 166.34 / (166.34 + 2.84) = 0.9832
Weight Cost Debt = 100% - 0.9832 = 0.0168
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 = 0.0987
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0987 * 5.94 + 0 = 0.0341
WACC = (0.1119 / 2.84) * (100% - 0.9832) * (1 - 0.21) + 0.0341 + 0.9832 = 3.12
Terminal Value = Discount (7.05 * (1 + -0.2039) / (3.12 - -0.2039)) = 20.49
Company Value = ∑ (7.05 / (1 + 3.12) ^ 5) = 54.22
Price = (Terminal Value + Company Value) / Count shares = (20.49 + 54.22) / 31800580000 = 2.35

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) = 6.35
FCF Yield = -0.1636
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 = 0.1119
Debt = 2.84
Market Cap = 166.34
Weight Debt = Market Cap / (Market Cap + Debt) = 166.34 / (166.34 + 2.84) = 0.9832
Weight Cost Debt = 100% - 0.9832 = 0.0168
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 = 0.0987
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.0987 * 5.94 + 0 = 0.0341
WACC = (0.1119 / 2.84) * (100% - 0.9832) * (1 - 0.21) + 0.0341 + 0.9832 = 3.12
Terminal Value = Discount (6.35 * (1 + -0.1636) / (3.12 - -0.1636)) = 23.4
Company Value = ∑ (6.35 / (1 + 3.12) ^ 5) = 43.24
Price = (Terminal Value + Company Value) / Count shares = (23.4 + 43.24) / 31800580000 = 2.1