SSE: 600487 - Hengtong Optic-Electric 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 = 0.8731
CAGR EPS = 4.06%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8731 * (1 + 4.06%) / (0.0433 * 2) = 10.49

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) = 1.56
Ebitda Yield = -0.0627
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 = 0.5779
Debt = 13.48
Market Cap = 36.88
Weight Debt = Market Cap / (Market Cap + Debt) = 36.88 / (36.88 + 13.48) = 0.7323
Weight Cost Debt = 100% - 0.7323 = 0.2677
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) = 3
β = -0.3923
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3923 * 5.94 + 0 = 0.0067
WACC = (0.5779 / 13.48) * (100% - 0.7323) * (1 - 0.21) + 0.0067 + 0.7323 = 3.37
Terminal Value = Discount (1.56 * (1 + -0.0627) / (3.37 - -0.0627)) = 12.88
Company Value = ∑ (1.56 / (1 + 3.37) ^ 5) = 8.13
Price = (Terminal Value + Company Value) / Count shares = (12.88 + 8.13) / 2466730000 = 8.52

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) = -0.0487
FCF Yield = -0.278
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 = 0.5779
Debt = 13.48
Market Cap = 36.88
Weight Debt = Market Cap / (Market Cap + Debt) = 36.88 / (36.88 + 13.48) = 0.7323
Weight Cost Debt = 100% - 0.7323 = 0.2677
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) = 3
β = -0.3923
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.3923 * 5.94 + 0 = 0.0067
WACC = (0.5779 / 13.48) * (100% - 0.7323) * (1 - 0.21) + 0.0067 + 0.7323 = 3.37
Terminal Value = Discount (-0.0487 * (1 + -0.278) / (3.37 - -0.278)) = -0.0957
Company Value = ∑ (-0.0487 / (1 + 3.37) ^ 5) = -0.4799
Price = (Terminal Value + Company Value) / Count shares = (-0.0957 + -0.4799) / 2466730000 = -0.2333