SSE: 600637 - Oriental Pearl Group 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 = 0.1763
CAGR EPS = -21.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1763 * (1 + -21.68%) / (0.0433 * 2) = 1.59

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) = 0.0886
Ebitda Yield = -0.2848
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 = 0.0611
Debt = 2.67
Market Cap = 27.32
Weight Debt = Market Cap / (Market Cap + Debt) = 27.32 / (27.32 + 2.67) = 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) = 2.89
β = -4.12
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.12 * 5.94 + 0 = -0.2161
WACC = (0.0611 / 2.67) * (100% - 0.911) * (1 - 0.21) + -0.2161 + 0.911 = 1.59
Terminal Value = Discount (0.0886 * (1 + -0.2848) / (1.59 - -0.2848)) = 0.1946
Company Value = ∑ (0.0886 / (1 + 1.59) ^ 5) = 0.9309
Price = (Terminal Value + Company Value) / Count shares = (0.1946 + 0.9309) / 3414500000 = 0.3296

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) = 0.0458
FCF Yield = -0.2414
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 = 0.0611
Debt = 2.67
Market Cap = 27.32
Weight Debt = Market Cap / (Market Cap + Debt) = 27.32 / (27.32 + 2.67) = 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) = 2.89
β = -4.12
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.12 * 5.94 + 0 = -0.2161
WACC = (0.0611 / 2.67) * (100% - 0.911) * (1 - 0.21) + -0.2161 + 0.911 = 1.59
Terminal Value = Discount (0.0458 * (1 + -0.2414) / (1.59 - -0.2414)) = 0.1247
Company Value = ∑ (0.0458 / (1 + 1.59) ^ 5) = 0.4127
Price = (Terminal Value + Company Value) / Count shares = (0.1247 + 0.4127) / 3414500000 = 0.1574