SSE: 600918 - Zhongtai Securities 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 = 0.2583
CAGR EPS = -6.36%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2583 * (1 + -6.36%) / (0.0433 * 2) = 2.79

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) = 15.88
Ebitda Yield = 0.0453
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 = 3.19
Debt = 88.46
Market Cap = 47.53
Weight Debt = Market Cap / (Market Cap + Debt) = 47.53 / (47.53 + 88.46) = 0.3495
Weight Cost Debt = 100% - 0.3495 = 0.6505
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) = 3
β = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.1 * 5.94 + 0 = 0.0955
WACC = (3.19 / 88.46) * (100% - 0.3495) * (1 - 0.21) + 0.0955 + 0.3495 = 2.87
Terminal Value = Discount (15.88 * (1 + 0.0453) / (2.87 - 0.0453)) = 867.72
Company Value = ∑ (15.88 / (1 + 2.87) ^ 5) = 66.75
Price = (Terminal Value + Company Value) / Count shares = (867.72 + 66.75) / 6968630000 = 134.1

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) = 0.0085
FCF Yield = -1.35
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 = 3.19
Debt = 88.46
Market Cap = 47.53
Weight Debt = Market Cap / (Market Cap + Debt) = 47.53 / (47.53 + 88.46) = 0.3495
Weight Cost Debt = 100% - 0.3495 = 0.6505
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) = 3
β = 1.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 1.1 * 5.94 + 0 = 0.0955
WACC = (3.19 / 88.46) * (100% - 0.3495) * (1 - 0.21) + 0.0955 + 0.3495 = 2.87
Terminal Value = Discount (0.0085 * (1 + -1.35) / (2.87 - -1.35)) = -0.0019
Company Value = ∑ (0.0085 / (1 + 2.87) ^ 5) = 0.4225
Price = (Terminal Value + Company Value) / Count shares = (-0.0019 + 0.4225) / 6968630000 = 0.0604