SSE: 600760 - AVIC Shenyang Aircraft 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 = 1.09
CAGR EPS = 11.73%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.09 * (1 + 11.73%) / (0.0433 * 2) = 14.08

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) = 4.27
Ebitda Yield = 0.0917
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 = 0.0028
Debt = 0.168
Market Cap = 121.64
Weight Debt = Market Cap / (Market Cap + Debt) = 121.64 / (121.64 + 0.168) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -0.6508
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.6508 * 5.94 + 0 = -0.0148
WACC = (0.0028 / 0.168) * (100% - 0.9986) * (1 - 0.21) + -0.0148 + 0.9986 = 1.31
Terminal Value = Discount (4.27 * (1 + 0.0917) / (1.31 - 0.0917)) = 55.47
Company Value = ∑ (4.27 / (1 + 1.31) ^ 5) = 17.3
Price = (Terminal Value + Company Value) / Count shares = (55.47 + 17.3) / 2755700000 = 26.41

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) = 3.31
FCF Yield = 0.1849
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 = 0.0028
Debt = 0.168
Market Cap = 121.64
Weight Debt = Market Cap / (Market Cap + Debt) = 121.64 / (121.64 + 0.168) = 0.9986
Weight Cost Debt = 100% - 0.9986 = 0.0014
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 = -0.6508
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -0.6508 * 5.94 + 0 = -0.0148
WACC = (0.0028 / 0.168) * (100% - 0.9986) * (1 - 0.21) + -0.0148 + 0.9986 = 1.31
Terminal Value = Discount (3.31 * (1 + 0.1849) / (1.31 - 0.1849)) = 21.36
Company Value = ∑ (3.31 / (1 + 1.31) ^ 5) = 11.6
Price = (Terminal Value + Company Value) / Count shares = (21.36 + 11.6) / 2755700000 = 11.96