SSE: 600809 - Shanxi Xinghuacun Fen Wine Factory 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 = 8.56
CAGR EPS = 34.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.56 * (1 + 34.97%) / (0.0433 * 2) = 133.35

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) = 39.64
Ebitda Yield = 0.2627
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 = 0.0397
Debt = 1.13
Market Cap = 275.42
Weight Debt = Market Cap / (Market Cap + Debt) = 275.42 / (275.42 + 1.13) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.89
β = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.23 * 5.94 + 0 = -0.0443
WACC = (0.0397 / 1.13) * (100% - 0.9959) * (1 - 0.21) + -0.0443 + 0.9959 = 2.7
Terminal Value = Discount (39.64 * (1 + 0.2627) / (2.7 - 0.2627)) = 185.88
Company Value = ∑ (39.64 / (1 + 2.7) ^ 5) = 119.71
Price = (Terminal Value + Company Value) / Count shares = (185.88 + 119.71) / 1219960000 = 250.49

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) = 13.32
FCF Yield = 0.146
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 = 0.0397
Debt = 1.13
Market Cap = 275.42
Weight Debt = Market Cap / (Market Cap + Debt) = 275.42 / (275.42 + 1.13) = 0.9959
Weight Cost Debt = 100% - 0.9959 = 0.0041
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) = 2.89
β = -1.23
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -1.23 * 5.94 + 0 = -0.0443
WACC = (0.0397 / 1.13) * (100% - 0.9959) * (1 - 0.21) + -0.0443 + 0.9959 = 2.7
Terminal Value = Discount (13.32 * (1 + 0.146) / (2.7 - 0.146)) = 112.32
Company Value = ∑ (13.32 / (1 + 2.7) ^ 5) = 47.38
Price = (Terminal Value + Company Value) / Count shares = (112.32 + 47.38) / 1219960000 = 130.91