SSE: 600395 - Guizhou Panjiang Refined Coal 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 = 0.3412
CAGR EPS = -12.34%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3412 * (1 + -12.34%) / (0.0433 * 2) = 3.45

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) = 4.02
Ebitda Yield = 0.0836
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 = 0.0478
Debt = 5.84
Market Cap = 15.05
Weight Debt = Market Cap / (Market Cap + Debt) = 15.05 / (15.05 + 5.84) = 0.7204
Weight Cost Debt = 100% - 0.7204 = 0.2796
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) = 2.89
β = 0.0635
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.0635 * 5.94 + 0 = 0.0327
WACC = (0.0478 / 5.84) * (100% - 0.7204) * (1 - 0.21) + 0.0327 + 0.7204 = 0.6648
Terminal Value = Discount (4.02 * (1 + 0.0836) / (0.6648 - 0.0836)) = 54.74
Company Value = ∑ (4.02 / (1 + 0.6648) ^ 5) = 16.87
Price = (Terminal Value + Company Value) / Count shares = (54.74 + 16.87) / 2146620000 = 33.36

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) = 5.09
FCF Yield = -1.95
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 = 0.0478
Debt = 5.84
Market Cap = 15.05
Weight Debt = Market Cap / (Market Cap + Debt) = 15.05 / (15.05 + 5.84) = 0.7204
Weight Cost Debt = 100% - 0.7204 = 0.2796
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) = 2.89
β = 0.0635
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.0635 * 5.94 + 0 = 0.0327
WACC = (0.0478 / 5.84) * (100% - 0.7204) * (1 - 0.21) + 0.0327 + 0.7204 = 0.6648
Terminal Value = Discount (5.09 * (1 + -1.95) / (0.6648 - -1.95)) = -2.4
Company Value = ∑ (5.09 / (1 + 0.6648) ^ 5) = 5.53
Price = (Terminal Value + Company Value) / Count shares = (-2.4 + 5.53) / 2146620000 = 1.46