SSE: 600309 - Wanhua Chemical Group 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 = 5.36
CAGR EPS = 10.64%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.36 * (1 + 10.64%) / (0.0458 * 2) = 64.69

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) = 22.22
Ebitda Yield = 0.0186
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 = 2.84
Debt = 117.99
Market Cap = 288.23
Weight Debt = Market Cap / (Market Cap + Debt) = 288.23 / (288.23 + 117.99) = 0.7095
Weight Cost Debt = 100% - 0.7095 = 0.2905
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) = 2.6
β = 0.2974
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.2974 * 5.94 + 0 = 0.0437
WACC = (2.84 / 117.99) * (100% - 0.7095) * (1 - 0.21) + 0.0437 + 0.7095 = 1.92
Terminal Value = Discount (22.22 * (1 + 0.0186) / (1.92 - 0.0186)) = 36603.67
Company Value = ∑ (22.22 / (1 + 1.92) ^ 5) = 101.13
Price = (Terminal Value + Company Value) / Count shares = (36603.67 + 101.13) / 3139750000 = 11690.36

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) = 0.5173
FCF Yield = -1.59
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 = 2.84
Debt = 117.99
Market Cap = 288.23
Weight Debt = Market Cap / (Market Cap + Debt) = 288.23 / (288.23 + 117.99) = 0.7095
Weight Cost Debt = 100% - 0.7095 = 0.2905
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) = 2.6
β = 0.2974
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.2974 * 5.94 + 0 = 0.0437
WACC = (2.84 / 117.99) * (100% - 0.7095) * (1 - 0.21) + 0.0437 + 0.7095 = 1.92
Terminal Value = Discount (0.5173 * (1 + -1.59) / (1.92 - -1.59)) = -0.1718
Company Value = ∑ (0.5173 / (1 + 1.92) ^ 5) = 2.89
Price = (Terminal Value + Company Value) / Count shares = (-0.1718 + 2.89) / 3139750000 = 0.8673