SSE: 601318 - Ping An Insurance (Group) Company of China, 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 = 4.7
CAGR EPS = -10.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.7 * (1 + -10.49%) / (0.0433 * 2) = 48.62

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) = 162.51
Ebitda Yield = 0
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 = 591.67
Debt = 2080
Market Cap = 826.27
Weight Debt = Market Cap / (Market Cap + Debt) = 826.27 / (826.27 + 2080) = 0.2843
Weight Cost Debt = 100% - 0.2843 = 0.7157
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) = 2.82
β = -0.2111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2111 * 5.94 + 0 = 0.0157
WACC = (591.67 / 2080) * (100% - 0.2843) * (1 - 0.21) + 0.0157 + 0.2843 = 22.41
Terminal Value = Discount (162.51 * (1 + 0) / (22.41 - 0)) = 263.79
Company Value = ∑ (162.51 / (1 + 22.41) ^ 5) = 461.29
Price = (Terminal Value + Company Value) / Count shares = (263.79 + 461.29) / 18210230000 = 39.82

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) = 485.31
FCF Yield = 0.066
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 = 591.67
Debt = 2080
Market Cap = 826.27
Weight Debt = Market Cap / (Market Cap + Debt) = 826.27 / (826.27 + 2080) = 0.2843
Weight Cost Debt = 100% - 0.2843 = 0.7157
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) = 2.82
β = -0.2111
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.2111 * 5.94 + 0 = 0.0157
WACC = (591.67 / 2080) * (100% - 0.2843) * (1 - 0.21) + 0.0157 + 0.2843 = 22.41
Terminal Value = Discount (485.31 * (1 + 0.066) / (22.41 - 0.066)) = 1190.1
Company Value = ∑ (485.31 / (1 + 22.41) ^ 5) = 1186.56
Price = (Terminal Value + Company Value) / Count shares = (1190.1 + 1186.56) / 18210230000 = 130.51