SSE: 600104 - SAIC Motor Corporation 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 = 1.21
CAGR EPS = -11.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.21 * (1 + -11.23%) / (0.0433 * 2) = 12.38

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) = 16.22
Ebitda Yield = -0.103
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 = 2.99
Debt = 183.88
Market Cap = 166.02
Weight Debt = Market Cap / (Market Cap + Debt) = 166.02 / (166.02 + 183.88) = 0.4745
Weight Cost Debt = 100% - 0.4745 = 0.5255
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) = 3
β = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.0445
WACC = (2.99 / 183.88) * (100% - 0.4745) * (1 - 0.21) + -0.0445 + 0.4745 = 1.26
Terminal Value = Discount (16.22 * (1 + -0.103) / (1.26 - -0.103)) = 118.32
Company Value = ∑ (16.22 / (1 + 1.26) ^ 5) = 98.5
Price = (Terminal Value + Company Value) / Count shares = (118.32 + 98.5) / 11683460000 = 18.56

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) = 26.28
FCF Yield = 0.0277
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 = 2.99
Debt = 183.88
Market Cap = 166.02
Weight Debt = Market Cap / (Market Cap + Debt) = 166.02 / (166.02 + 183.88) = 0.4745
Weight Cost Debt = 100% - 0.4745 = 0.5255
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) = 3
β = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.0445
WACC = (2.99 / 183.88) * (100% - 0.4745) * (1 - 0.21) + -0.0445 + 0.4745 = 1.26
Terminal Value = Discount (26.28 * (1 + 0.0277) / (1.26 - 0.0277)) = 1675.85
Company Value = ∑ (26.28 / (1 + 1.26) ^ 5) = 119.87
Price = (Terminal Value + Company Value) / Count shares = (1675.85 + 119.87) / 11683460000 = 153.7