SSE: 600685 - CSSC Offshore & Marine Engineering (Group) Company Limited

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 = 0.034
CAGR EPS = -38.55%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.034 * (1 + -38.55%) / (0.0458 * 2) = 0.2281

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) = 0.3889
Ebitda Yield = -0.141
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 = 0.1147
Debt = 5.53
Market Cap = 30.57
Weight Debt = Market Cap / (Market Cap + Debt) = 30.57 / (30.57 + 5.53) = 0.8468
Weight Cost Debt = 100% - 0.8468 = 0.1532
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 = -0.5249
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5249 * 5.94 + 0 = -0.0037
WACC = (0.1147 / 5.53) * (100% - 0.8468) * (1 - 0.21) + -0.0037 + 0.8468 = 1.62
Terminal Value = Discount (0.3889 * (1 + -0.141) / (1.62 - -0.141)) = 1.96
Company Value = ∑ (0.3889 / (1 + 1.62) ^ 5) = 2.58
Price = (Terminal Value + Company Value) / Count shares = (1.96 + 2.58) / 1413510000 = 3.21

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) = 2.67
FCF Yield = -0.0061
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 = 0.1147
Debt = 5.53
Market Cap = 30.57
Weight Debt = Market Cap / (Market Cap + Debt) = 30.57 / (30.57 + 5.53) = 0.8468
Weight Cost Debt = 100% - 0.8468 = 0.1532
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 = -0.5249
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.5249 * 5.94 + 0 = -0.0037
WACC = (0.1147 / 5.53) * (100% - 0.8468) * (1 - 0.21) + -0.0037 + 0.8468 = 1.62
Terminal Value = Discount (2.67 * (1 + -0.0061) / (1.62 - -0.0061)) = 109.88
Company Value = ∑ (2.67 / (1 + 1.62) ^ 5) = 12.91
Price = (Terminal Value + Company Value) / Count shares = (109.88 + 12.91) / 1413510000 = 86.86