SSE: 600887 - Inner Mongolia Yili Industrial Group 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 = 1.64
CAGR EPS = 7.52%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.64 * (1 + 7.52%) / (0.0433 * 2) = 20.34

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) = 14.36
Ebitda Yield = 0.0296
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 = 2.19
Debt = 58.07
Market Cap = 171.57
Weight Debt = Market Cap / (Market Cap + Debt) = 171.57 / (171.57 + 58.07) = 0.7471
Weight Cost Debt = 100% - 0.7471 = 0.2529
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 = 2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.36 * 5.94 + 0 = 0.1691
WACC = (2.19 / 58.07) * (100% - 0.7471) * (1 - 0.21) + 0.1691 + 0.7471 = 3.09
Terminal Value = Discount (14.36 * (1 + 0.0296) / (3.09 - 0.0296)) = 9717.84
Company Value = ∑ (14.36 / (1 + 3.09) ^ 5) = 61.81
Price = (Terminal Value + Company Value) / Count shares = (9717.84 + 61.81) / 6366100000 = 1536.21

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) = 118.74
FCF Yield = 0.5997
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 = 2.19
Debt = 58.07
Market Cap = 171.57
Weight Debt = Market Cap / (Market Cap + Debt) = 171.57 / (171.57 + 58.07) = 0.7471
Weight Cost Debt = 100% - 0.7471 = 0.2529
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 = 2.36
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 2.36 * 5.94 + 0 = 0.1691
WACC = (2.19 / 58.07) * (100% - 0.7471) * (1 - 0.21) + 0.1691 + 0.7471 = 3.09
Terminal Value = Discount (118.74 * (1 + 0.5997) / (3.09 - 0.5997)) = 286.84
Company Value = ∑ (118.74 / (1 + 3.09) ^ 5) = 254.96
Price = (Terminal Value + Company Value) / Count shares = (286.84 + 254.96) / 6366100000 = 85.11