SSE: 601106 - China First Heavy Industries

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 = -0.3948
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.74 + (2.74 * 8.66% / 100) = 2.97

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) = 0.5687
Ebitda Yield = -0.0679
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 = 0.5744
Debt = 19.22
Market Cap = 22.63
Weight Debt = Market Cap / (Market Cap + Debt) = 22.63 / (22.63 + 19.22) = 0.5407
Weight Cost Debt = 100% - 0.5407 = 0.4593
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 = -0.4142
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.4142 * 5.94 + 0 = 0.0054
WACC = (0.5744 / 19.22) * (100% - 0.5407) * (1 - 0.21) + 0.0054 + 0.5407 = 2.35
Terminal Value = Discount (0.5687 * (1 + -0.0679) / (2.35 - -0.0679)) = 5.16
Company Value = ∑ (0.5687 / (1 + 2.35) ^ 5) = 3.08
Price = (Terminal Value + Company Value) / Count shares = (5.16 + 3.08) / 6857780000 = 1.2

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) = 0.0065
FCF Yield = -1.43
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 = 0.5744
Debt = 19.22
Market Cap = 22.63
Weight Debt = Market Cap / (Market Cap + Debt) = 22.63 / (22.63 + 19.22) = 0.5407
Weight Cost Debt = 100% - 0.5407 = 0.4593
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 = -0.4142
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.4142 * 5.94 + 0 = 0.0054
WACC = (0.5744 / 19.22) * (100% - 0.5407) * (1 - 0.21) + 0.0054 + 0.5407 = 2.35
Terminal Value = Discount (0.0065 * (1 + -1.43) / (2.35 - -1.43)) = -0.0017
Company Value = ∑ (0.0065 / (1 + 2.35) ^ 5) = 0.1337
Price = (Terminal Value + Company Value) / Count shares = (-0.0017 + 0.1337) / 6857780000 = 0.0192