SSE: 600602 - INESA Intelligent Tech Inc.

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 = 0.1411
CAGR EPS = -4.41%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1411 * (1 + -4.41%) / (0.0433 * 2) = 1.56

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) = 0.0763
Ebitda Yield = -0.1288
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 = 0.0084
Debt = 0.2639
Market Cap = 17.32
Weight Debt = Market Cap / (Market Cap + Debt) = 17.32 / (17.32 + 0.2639) = 0.985
Weight Cost Debt = 100% - 0.985 = 0.015
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 = 3.53
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.53 * 5.94 + 0 = 0.2398
WACC = (0.0084 / 0.2639) * (100% - 0.985) * (1 - 0.21) + 0.2398 + 0.985 = 2.72
Terminal Value = Discount (0.0763 * (1 + -0.1288) / (2.72 - -0.1288)) = 0.3724
Company Value = ∑ (0.0763 / (1 + 2.72) ^ 5) = 0.4763
Price = (Terminal Value + Company Value) / Count shares = (0.3724 + 0.4763) / 1367670000 = 0.6206

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) = 0.4429
FCF Yield = 0.0433
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 = 0.0084
Debt = 0.2639
Market Cap = 17.32
Weight Debt = Market Cap / (Market Cap + Debt) = 17.32 / (17.32 + 0.2639) = 0.985
Weight Cost Debt = 100% - 0.985 = 0.015
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 = 3.53
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 3.53 * 5.94 + 0 = 0.2398
WACC = (0.0084 / 0.2639) * (100% - 0.985) * (1 - 0.21) + 0.2398 + 0.985 = 2.72
Terminal Value = Discount (0.4429 * (1 + 0.0433) / (2.72 - 0.0433)) = 25.06
Company Value = ∑ (0.4429 / (1 + 2.72) ^ 5) = 1.88
Price = (Terminal Value + Company Value) / Count shares = (25.06 + 1.88) / 1367670000 = 19.7