SSE: 600256 - Guanghui Energy 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 = 0.7879
CAGR EPS = 27.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 7.24 + (7.24 * 27.29% / 100) = 9.22

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) = 46.18
Ebitda Yield = 0.2422
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 = 0.9444
Debt = 16.13
Market Cap = 47.8
Weight Debt = Market Cap / (Market Cap + Debt) = 47.8 / (47.8 + 16.13) = 0.7477
Weight Cost Debt = 100% - 0.7477 = 0.2523
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) = 2.75
β = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.1 * 5.94 + 0 = 0.093
WACC = (0.9444 / 16.13) * (100% - 0.7477) * (1 - 0.21) + 0.093 + 0.7477 = 4.66
Terminal Value = Discount (46.18 * (1 + 0.2422) / (4.66 - 0.2422)) = 233.49
Company Value = ∑ (46.18 / (1 + 4.66) ^ 5) = 134.37
Price = (Terminal Value + Company Value) / Count shares = (233.49 + 134.37) / 6565760000 = 56.03

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) = 16.03
FCF Yield = 0.289
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 = 0.9444
Debt = 16.13
Market Cap = 47.8
Weight Debt = Market Cap / (Market Cap + Debt) = 47.8 / (47.8 + 16.13) = 0.7477
Weight Cost Debt = 100% - 0.7477 = 0.2523
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) = 2.75
β = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.1 * 5.94 + 0 = 0.093
WACC = (0.9444 / 16.13) * (100% - 0.7477) * (1 - 0.21) + 0.093 + 0.7477 = 4.66
Terminal Value = Discount (16.03 * (1 + 0.289) / (4.66 - 0.289)) = 67.88
Company Value = ∑ (16.03 / (1 + 4.66) ^ 5) = 43.93
Price = (Terminal Value + Company Value) / Count shares = (67.88 + 43.93) / 6565760000 = 17.03