SSE: 600517 - State Grid Yingda Co.,Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 0.2386
CAGR EPS = 82.76%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.14 + (5.14 * 82.76% / 100) = 9.39

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) = 17.39
Ebitda Yield = 0.4798
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 = 0.0229
Debt = 10.97
Market Cap = 32.42
Weight Debt = Market Cap / (Market Cap + Debt) = 32.42 / (32.42 + 10.97) = 0.7472
Weight Cost Debt = 100% - 0.7472 = 0.2528
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 = 1.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.71 * 5.94 + 0 = 0.1291
WACC = (0.0229 / 10.97) * (100% - 0.7472) * (1 - 0.21) + 0.1291 + 0.7472 = 0.26
Terminal Value = Discount (17.39 * (1 + 0.4798) / (0.26 - 0.4798)) = 53.22
Company Value = ∑ (17.39 / (1 + 0.26) ^ 5) = 45.62
Price = (Terminal Value + Company Value) / Count shares = (53.22 + 45.62) / 5718440000 = 17.29

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) = 4.78
FCF Yield = 0.5108
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 = 0.0229
Debt = 10.97
Market Cap = 32.42
Weight Debt = Market Cap / (Market Cap + Debt) = 32.42 / (32.42 + 10.97) = 0.7472
Weight Cost Debt = 100% - 0.7472 = 0.2528
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 = 1.71
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.71 * 5.94 + 0 = 0.1291
WACC = (0.0229 / 10.97) * (100% - 0.7472) * (1 - 0.21) + 0.1291 + 0.7472 = 0.26
Terminal Value = Discount (4.78 * (1 + 0.5108) / (0.26 - 0.5108)) = 14.02
Company Value = ∑ (4.78 / (1 + 0.26) ^ 5) = 12.22
Price = (Terminal Value + Company Value) / Count shares = (14.02 + 12.22) / 5718440000 = 4.59