SSE: 600415 - Zhejiang China Commodities City 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 = 0.488
CAGR EPS = 16.17%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.488 * (1 + 16.17%) / (0.0433 * 2) = 6.55

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) = 1.61
Ebitda Yield = -0.0431
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 = 0.1906
Debt = 8.97
Market Cap = 47.02
Weight Debt = Market Cap / (Market Cap + Debt) = 47.02 / (47.02 + 8.97) = 0.8398
Weight Cost Debt = 100% - 0.8398 = 0.1602
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 = -9.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -9.06 * 5.94 + 0 = -0.5091
WACC = (0.1906 / 8.97) * (100% - 0.8398) * (1 - 0.21) + -0.5091 + 0.8398 = 1.24
Terminal Value = Discount (1.61 * (1 + -0.0431) / (1.24 - -0.0431)) = 26.14
Company Value = ∑ (1.61 / (1 + 1.24) ^ 5) = 8.51
Price = (Terminal Value + Company Value) / Count shares = (26.14 + 8.51) / 5484330000 = 6.32

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) = -0.317
FCF Yield = -0.1654
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 = 0.1906
Debt = 8.97
Market Cap = 47.02
Weight Debt = Market Cap / (Market Cap + Debt) = 47.02 / (47.02 + 8.97) = 0.8398
Weight Cost Debt = 100% - 0.8398 = 0.1602
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 = -9.06
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -9.06 * 5.94 + 0 = -0.5091
WACC = (0.1906 / 8.97) * (100% - 0.8398) * (1 - 0.21) + -0.5091 + 0.8398 = 1.24
Terminal Value = Discount (-0.317 * (1 + -0.1654) / (1.24 - -0.1654)) = -1.4
Company Value = ∑ (-0.317 / (1 + 1.24) ^ 5) = -2.28
Price = (Terminal Value + Company Value) / Count shares = (-1.4 + -2.28) / 5484330000 = -0.6701