SSE: 600418 - Anhui Jianghuai Automobile 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 = 0.0694
CAGR EPS = -2.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0694 * (1 + -2.37%) / (0.0433 * 2) = 0.7821

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) = 0.0055
Ebitda Yield = -1.4
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 = 0.2897
Debt = 9.58
Market Cap = 27.47
Weight Debt = Market Cap / (Market Cap + Debt) = 27.47 / (27.47 + 9.58) = 0.7414
Weight Cost Debt = 100% - 0.7414 = 0.2586
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 = 3.58
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.58 * 5.94 + 0 = 0.2402
WACC = (0.2897 / 9.58) * (100% - 0.7414) * (1 - 0.21) + 0.2402 + 0.7414 = 2.55
Terminal Value = Discount (0.0055 * (1 + -1.4) / (2.55 - -1.4)) = -0.0014
Company Value = ∑ (0.0055 / (1 + 2.55) ^ 5) = 0.1593
Price = (Terminal Value + Company Value) / Count shares = (-0.0014 + 0.1593) / 2184010000 = 0.0723

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) = 154
FCF Yield = 1.58
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 = 0.2897
Debt = 9.58
Market Cap = 27.47
Weight Debt = Market Cap / (Market Cap + Debt) = 27.47 / (27.47 + 9.58) = 0.7414
Weight Cost Debt = 100% - 0.7414 = 0.2586
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 = 3.58
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 3.58 * 5.94 + 0 = 0.2402
WACC = (0.2897 / 9.58) * (100% - 0.7414) * (1 - 0.21) + 0.2402 + 0.7414 = 2.55
Terminal Value = Discount (154 * (1 + 1.58) / (2.55 - 1.58)) = 225.12
Company Value = ∑ (154 / (1 + 2.55) ^ 5) = 222.9
Price = (Terminal Value + Company Value) / Count shares = (225.12 + 222.9) / 2184010000 = 205.13