SSE: 600801 - Huaxin Cement Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 1.33
CAGR EPS = 9.16%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 12.98 + (12.98 * 9.16% / 100) = 14.17

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) = 1.81
Ebitda Yield = -0.1442
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 = 0.6497
Debt = 14.45
Market Cap = 20.88
Weight Debt = Market Cap / (Market Cap + Debt) = 20.88 / (20.88 + 14.45) = 0.591
Weight Cost Debt = 100% - 0.591 = 0.409
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 = -0.048
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.048 * 5.94 + 0 = 0.0246
WACC = (0.6497 / 14.45) * (100% - 0.591) * (1 - 0.21) + 0.0246 + 0.591 = 3.55
Terminal Value = Discount (1.81 * (1 + -0.1442) / (3.55 - -0.1442)) = 7.26
Company Value = ∑ (1.81 / (1 + 3.55) ^ 5) = 11.56
Price = (Terminal Value + Company Value) / Count shares = (7.26 + 11.56) / 2079000000 = 9.05

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) = 0.4711
FCF Yield = -0.1941
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 = 0.6497
Debt = 14.45
Market Cap = 20.88
Weight Debt = Market Cap / (Market Cap + Debt) = 20.88 / (20.88 + 14.45) = 0.591
Weight Cost Debt = 100% - 0.591 = 0.409
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 = -0.048
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.048 * 5.94 + 0 = 0.0246
WACC = (0.6497 / 14.45) * (100% - 0.591) * (1 - 0.21) + 0.0246 + 0.591 = 3.55
Terminal Value = Discount (0.4711 * (1 + -0.1941) / (3.55 - -0.1941)) = 1.39
Company Value = ∑ (0.4711 / (1 + 3.55) ^ 5) = 3.48
Price = (Terminal Value + Company Value) / Count shares = (1.39 + 3.48) / 2079000000 = 2.34