SSE: 601236 - Hongta 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 = 0.0662
CAGR EPS = -13.22%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.0662 * (1 + -13.22%) / (0.0458 * 2) = 0.6272

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) = 0.7823
Ebitda Yield = -0.0822
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 = 0.4892
Debt = 16.96
Market Cap = 35.38
Weight Debt = Market Cap / (Market Cap + Debt) = 35.38 / (35.38 + 16.96) = 0.676
Weight Cost Debt = 100% - 0.676 = 0.324
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 = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.48 * 5.94 + 0 = 0.1153
WACC = (0.4892 / 16.96) * (100% - 0.676) * (1 - 0.21) + 0.1153 + 0.676 = 2.34
Terminal Value = Discount (0.7823 * (1 + -0.0822) / (2.34 - -0.0822)) = 6.06
Company Value = ∑ (0.7823 / (1 + 2.34) ^ 5) = 4.38
Price = (Terminal Value + Company Value) / Count shares = (6.06 + 4.38) / 4716790000 = 2.21

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) = -2.6
FCF Yield = -0.0858
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 = 0.4892
Debt = 16.96
Market Cap = 35.38
Weight Debt = Market Cap / (Market Cap + Debt) = 35.38 / (35.38 + 16.96) = 0.676
Weight Cost Debt = 100% - 0.676 = 0.324
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 = 1.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.48 * 5.94 + 0 = 0.1153
WACC = (0.4892 / 16.96) * (100% - 0.676) * (1 - 0.21) + 0.1153 + 0.676 = 2.34
Terminal Value = Discount (-2.6 * (1 + -0.0858) / (2.34 - -0.0858)) = -19.35
Company Value = ∑ (-2.6 / (1 + 2.34) ^ 5) = -14.67
Price = (Terminal Value + Company Value) / Count shares = (-19.35 + -14.67) / 4716790000 = -7.21