SSE: 600085 - Beijing Tongrentang Co., Ltd

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 = 1.22
CAGR EPS = 11.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.22 * (1 + 11.11%) / (0.0433 * 2) = 15.61

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) = 4.07
Ebitda Yield = 0.0538
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 = 0.1022
Debt = 2.89
Market Cap = 74.43
Weight Debt = Market Cap / (Market Cap + Debt) = 74.43 / (74.43 + 2.89) = 0.9626
Weight Cost Debt = 100% - 0.9626 = 0.0374
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 = -0.4267
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4267 * 5.94 + 0 = 0.0029
WACC = (0.1022 / 2.89) * (100% - 0.9626) * (1 - 0.21) + 0.0029 + 0.9626 = 2.77
Terminal Value = Discount (4.07 * (1 + 0.0538) / (2.77 - 0.0538)) = 143.25
Company Value = ∑ (4.07 / (1 + 2.77) ^ 5) = 16.88
Price = (Terminal Value + Company Value) / Count shares = (143.25 + 16.88) / 1371470000 = 116.76

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) = 1.36
FCF Yield = -0.0249
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 = 0.1022
Debt = 2.89
Market Cap = 74.43
Weight Debt = Market Cap / (Market Cap + Debt) = 74.43 / (74.43 + 2.89) = 0.9626
Weight Cost Debt = 100% - 0.9626 = 0.0374
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 = -0.4267
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4267 * 5.94 + 0 = 0.0029
WACC = (0.1022 / 2.89) * (100% - 0.9626) * (1 - 0.21) + 0.0029 + 0.9626 = 2.77
Terminal Value = Discount (1.36 * (1 + -0.0249) / (2.77 - -0.0249)) = 22.01
Company Value = ∑ (1.36 / (1 + 2.77) ^ 5) = 6.62
Price = (Terminal Value + Company Value) / Count shares = (22.01 + 6.62) / 1371470000 = 20.87