SSE: 600522 - Jiangsu Zhongtian Technology 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 = 0.9132
CAGR EPS = 7.29%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9132 * (1 + 7.29%) / (0.0433 * 2) = 11.31

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) = 4.16
Ebitda Yield = 0.0147
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 = 0.1778
Debt = 5.27
Market Cap = 53.92
Weight Debt = Market Cap / (Market Cap + Debt) = 53.92 / (53.92 + 5.27) = 0.911
Weight Cost Debt = 100% - 0.911 = 0.089
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 = 0.7498
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7498 * 5.94 + 0 = 0.072
WACC = (0.1778 / 5.27) * (100% - 0.911) * (1 - 0.21) + 0.072 + 0.911 = 2.71
Terminal Value = Discount (4.16 * (1 + 0.0147) / (2.71 - 0.0147)) = 298.68
Company Value = ∑ (4.16 / (1 + 2.71) ^ 5) = 18.66
Price = (Terminal Value + Company Value) / Count shares = (298.68 + 18.66) / 3412950000 = 92.98

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) = 3.72
FCF Yield = 0.0992
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 = 0.1778
Debt = 5.27
Market Cap = 53.92
Weight Debt = Market Cap / (Market Cap + Debt) = 53.92 / (53.92 + 5.27) = 0.911
Weight Cost Debt = 100% - 0.911 = 0.089
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 = 0.7498
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7498 * 5.94 + 0 = 0.072
WACC = (0.1778 / 5.27) * (100% - 0.911) * (1 - 0.21) + 0.072 + 0.911 = 2.71
Terminal Value = Discount (3.72 * (1 + 0.0992) / (2.71 - 0.0992)) = 49.67
Company Value = ∑ (3.72 / (1 + 2.71) ^ 5) = 14.29
Price = (Terminal Value + Company Value) / Count shares = (49.67 + 14.29) / 3412950000 = 18.74