SSE: 600089 - TBEA 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 = 2.12
CAGR EPS = 31.27%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 14.18 + (14.18 * 31.27% / 100) = 18.61

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) = 122.69
Ebitda Yield = 0.3168
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 = 1.52
Debt = 34.18
Market Cap = 86.32
Weight Debt = Market Cap / (Market Cap + Debt) = 86.32 / (86.32 + 34.18) = 0.7163
Weight Cost Debt = 100% - 0.7163 = 0.2837
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 = -0.4563
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4563 * 5.94 + 0 = 0.0011
WACC = (1.52 / 34.18) * (100% - 0.7163) * (1 - 0.21) + 0.0011 + 0.7163 = 3.48
Terminal Value = Discount (122.69 * (1 + 0.3168) / (3.48 - 0.3168)) = 482.82
Company Value = ∑ (122.69 / (1 + 3.48) ^ 5) = 338.09
Price = (Terminal Value + Company Value) / Count shares = (482.82 + 338.09) / 5052710000 = 162.47

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) = 20.12
FCF Yield = 0.2384
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 = 1.52
Debt = 34.18
Market Cap = 86.32
Weight Debt = Market Cap / (Market Cap + Debt) = 86.32 / (86.32 + 34.18) = 0.7163
Weight Cost Debt = 100% - 0.7163 = 0.2837
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 = -0.4563
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4563 * 5.94 + 0 = 0.0011
WACC = (1.52 / 34.18) * (100% - 0.7163) * (1 - 0.21) + 0.0011 + 0.7163 = 3.48
Terminal Value = Discount (20.12 * (1 + 0.2384) / (3.48 - 0.2384)) = 103.15
Company Value = ∑ (20.12 / (1 + 3.48) ^ 5) = 61.12
Price = (Terminal Value + Company Value) / Count shares = (103.15 + 61.12) / 5052710000 = 32.51