SSE: 600941 - China Mobile Limited

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 = 6.16
CAGR EPS = 3.53%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.16 * (1 + 3.53%) / (0.0458 * 2) = 69.66

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) = 102.96
Ebitda Yield = -0.098
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 = 3.55
Debt = 112.66
Market Cap = 1310
Weight Debt = Market Cap / (Market Cap + Debt) = 1310 / (1310 + 112.66) = 0.9208
Weight Cost Debt = 100% - 0.9208 = 0.0792
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 = 0.0818
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0818 * 5.94 + 0 = 0.0324
WACC = (3.55 / 112.66) * (100% - 0.9208) * (1 - 0.21) + 0.0324 + 0.9208 = 2.5
Terminal Value = Discount (102.96 * (1 + -0.098) / (2.5 - -0.098)) = 667.38
Company Value = ∑ (102.96 / (1 + 2.5) ^ 5) = 597.27
Price = (Terminal Value + Company Value) / Count shares = (667.38 + 597.27) / 21378250000 = 59.16

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) = 290.02
FCF Yield = 0.1881
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 = 3.55
Debt = 112.66
Market Cap = 1310
Weight Debt = Market Cap / (Market Cap + Debt) = 1310 / (1310 + 112.66) = 0.9208
Weight Cost Debt = 100% - 0.9208 = 0.0792
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 = 0.0818
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.0818 * 5.94 + 0 = 0.0324
WACC = (3.55 / 112.66) * (100% - 0.9208) * (1 - 0.21) + 0.0324 + 0.9208 = 2.5
Terminal Value = Discount (290.02 * (1 + 0.1881) / (2.5 - 0.1881)) = 1867.39
Company Value = ∑ (290.02 / (1 + 2.5) ^ 5) = 974.98
Price = (Terminal Value + Company Value) / Count shares = (1867.39 + 974.98) / 21378250000 = 132.96