SSE: 600536 - China National Software & Service Company Limited

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 = -0.2707
CAGR EPS = 80.58%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 36.97 + (36.97 * 80.58% / 100) = 66.76

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) = 0.2203
Ebitda Yield = -0.0189
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 = 0.0536
Debt = 1.53
Market Cap = 42.49
Weight Debt = Market Cap / (Market Cap + Debt) = 42.49 / (42.49 + 1.53) = 0.9652
Weight Cost Debt = 100% - 0.9652 = 0.0348
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) = 2.39
β = -0.2155
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2155 * 5.94 + 0 = 0.0111
WACC = (0.0536 / 1.53) * (100% - 0.9652) * (1 - 0.21) + 0.0111 + 0.9652 = 2.75
Terminal Value = Discount (0.2203 * (1 + -0.0189) / (2.75 - -0.0189)) = 4.07
Company Value = ∑ (0.2203 / (1 + 2.75) ^ 5) = 1.06
Price = (Terminal Value + Company Value) / Count shares = (4.07 + 1.06) / 859750000 = 5.96

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) = 0.0449
FCF Yield = -1.57
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 = 0.0536
Debt = 1.53
Market Cap = 42.49
Weight Debt = Market Cap / (Market Cap + Debt) = 42.49 / (42.49 + 1.53) = 0.9652
Weight Cost Debt = 100% - 0.9652 = 0.0348
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) = 2.39
β = -0.2155
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.2155 * 5.94 + 0 = 0.0111
WACC = (0.0536 / 1.53) * (100% - 0.9652) * (1 - 0.21) + 0.0111 + 0.9652 = 2.75
Terminal Value = Discount (0.0449 * (1 + -1.57) / (2.75 - -1.57)) = -0.014
Company Value = ∑ (0.0449 / (1 + 2.75) ^ 5) = 0.2825
Price = (Terminal Value + Company Value) / Count shares = (-0.014 + 0.2825) / 859750000 = 0.3123