SSE: 600795 - GD Power Development 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 = 0.3145
CAGR EPS = 27.02%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.3145 * (1 + 27.02%) / (0.0458 * 2) = 4.36

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) = 9.7
Ebitda Yield = -0.1077
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 = 6.79
Debt = 257.55
Market Cap = 68.13
Weight Debt = Market Cap / (Market Cap + Debt) = 68.13 / (68.13 + 257.55) = 0.2092
Weight Cost Debt = 100% - 0.2092 = 0.7908
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 = -0.4906
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4906 * 5.94 + 0 = -0.0016
WACC = (6.79 / 257.55) * (100% - 0.2092) * (1 - 0.21) + -0.0016 + 0.2092 = 2.08
Terminal Value = Discount (9.7 * (1 + -0.1077) / (2.08 - -0.1077)) = 60.77
Company Value = ∑ (9.7 / (1 + 2.08) ^ 5) = 58.29
Price = (Terminal Value + Company Value) / Count shares = (60.77 + 58.29) / 17835620000 = 6.68

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) = 0.1213
FCF Yield = -1.44
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 = 6.79
Debt = 257.55
Market Cap = 68.13
Weight Debt = Market Cap / (Market Cap + Debt) = 68.13 / (68.13 + 257.55) = 0.2092
Weight Cost Debt = 100% - 0.2092 = 0.7908
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 = -0.4906
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4906 * 5.94 + 0 = -0.0016
WACC = (6.79 / 257.55) * (100% - 0.2092) * (1 - 0.21) + -0.0016 + 0.2092 = 2.08
Terminal Value = Discount (0.1213 * (1 + -1.44) / (2.08 - -1.44)) = -0.0331
Company Value = ∑ (0.1213 / (1 + 2.08) ^ 5) = 2.2
Price = (Terminal Value + Company Value) / Count shares = (-0.0331 + 2.2) / 17835620000 = 0.1217