SSE: 600745 - Wingtech 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 = 0.9505
CAGR EPS = -3.23%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.9505 * (1 + -3.23%) / (0.0433 * 2) = 10.62

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) = 3.13
Ebitda Yield = 0.0161
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 = 0.7766
Debt = 18.62
Market Cap = 53.74
Weight Debt = Market Cap / (Market Cap + Debt) = 53.74 / (53.74 + 18.62) = 0.7427
Weight Cost Debt = 100% - 0.7427 = 0.2573
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 = -1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.03 * 5.94 + 0 = -0.0313
WACC = (0.7766 / 18.62) * (100% - 0.7427) * (1 - 0.21) + -0.0313 + 0.7427 = 3.25
Terminal Value = Discount (3.13 * (1 + 0.0161) / (3.25 - 0.0161)) = 165.94
Company Value = ∑ (3.13 / (1 + 3.25) ^ 5) = 13.78
Price = (Terminal Value + Company Value) / Count shares = (165.94 + 13.78) / 1242810000 = 144.61

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) = 0.3232
FCF Yield = -0.1911
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 = 0.7766
Debt = 18.62
Market Cap = 53.74
Weight Debt = Market Cap / (Market Cap + Debt) = 53.74 / (53.74 + 18.62) = 0.7427
Weight Cost Debt = 100% - 0.7427 = 0.2573
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 = -1.03
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.03 * 5.94 + 0 = -0.0313
WACC = (0.7766 / 18.62) * (100% - 0.7427) * (1 - 0.21) + -0.0313 + 0.7427 = 3.25
Terminal Value = Discount (0.3232 * (1 + -0.1911) / (3.25 - -0.1911)) = 0.9965
Company Value = ∑ (0.3232 / (1 + 3.25) ^ 5) = 2.38
Price = (Terminal Value + Company Value) / Count shares = (0.9965 + 2.38) / 1242810000 = 2.72