SSE: 600398 - Hla Group Corp., 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 = 0.6738
CAGR EPS = -1.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.6738 * (1 + -1.49%) / (0.0433 * 2) = 7.66

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) = 2.35
Ebitda Yield = -0.0607
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 = 0.2234
Debt = 3.48
Market Cap = 28.55
Weight Debt = Market Cap / (Market Cap + Debt) = 28.55 / (28.55 + 3.48) = 0.8914
Weight Cost Debt = 100% - 0.8914 = 0.1086
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 = 1.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.84 * 5.94 + 0 = 0.1373
WACC = (0.2234 / 3.48) * (100% - 0.8914) * (1 - 0.21) + 0.1373 + 0.8914 = 5.15
Terminal Value = Discount (2.35 * (1 + -0.0607) / (5.15 - -0.0607)) = 15.29
Company Value = ∑ (2.35 / (1 + 5.15) ^ 5) = 11.59
Price = (Terminal Value + Company Value) / Count shares = (15.29 + 11.59) / 4381000000 = 6.13

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) = 6.81
FCF Yield = 0.0816
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 = 0.2234
Debt = 3.48
Market Cap = 28.55
Weight Debt = Market Cap / (Market Cap + Debt) = 28.55 / (28.55 + 3.48) = 0.8914
Weight Cost Debt = 100% - 0.8914 = 0.1086
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 = 1.84
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.84 * 5.94 + 0 = 0.1373
WACC = (0.2234 / 3.48) * (100% - 0.8914) * (1 - 0.21) + 0.1373 + 0.8914 = 5.15
Terminal Value = Discount (6.81 * (1 + 0.0816) / (5.15 - 0.0816)) = 190.08
Company Value = ∑ (6.81 / (1 + 5.15) ^ 5) = 25.06
Price = (Terminal Value + Company Value) / Count shares = (190.08 + 25.06) / 4381000000 = 49.11