SSE: 601288 - Agricultural Bank of China Limited

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 = 0.7696
CAGR EPS = 5.11%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.39 + (4.39 * 5.11% / 100) = 4.61

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) = 753.88
Ebitda Yield = 0.0165
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 = 651.95
Debt = 3310
Market Cap = 1190
Weight Debt = Market Cap / (Market Cap + Debt) = 1190 / (1190 + 3310) = 0.2644
Weight Cost Debt = 100% - 0.2644 = 0.7356
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 = 0.4577
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4577 * 5.94 + 0 = 0.0547
WACC = (651.95 / 3310) * (100% - 0.2644) * (1 - 0.21) + 0.0547 + 0.2644 = 15.53
Terminal Value = Discount (753.88 * (1 + 0.0165) / (15.53 - 0.0165)) = 2681.53
Company Value = ∑ (753.88 / (1 + 15.53) ^ 5) = 2404.5
Price = (Terminal Value + Company Value) / Count shares = (2681.53 + 2404.5) / 349983030000 = 14.53

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) = 7119.07
FCF Yield = 0.317
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 = 651.95
Debt = 3310
Market Cap = 1190
Weight Debt = Market Cap / (Market Cap + Debt) = 1190 / (1190 + 3310) = 0.2644
Weight Cost Debt = 100% - 0.2644 = 0.7356
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 = 0.4577
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.4577 * 5.94 + 0 = 0.0547
WACC = (651.95 / 3310) * (100% - 0.2644) * (1 - 0.21) + 0.0547 + 0.2644 = 15.53
Terminal Value = Discount (7119.07 * (1 + 0.317) / (15.53 - 0.317)) = 28167.04
Company Value = ∑ (7119.07 / (1 + 15.53) ^ 5) = 13536.1
Price = (Terminal Value + Company Value) / Count shares = (28167.04 + 13536.1) / 349983030000 = 119.16