SSE: 601399 - SINOMACH HEAVY EQUIPMENT GROUP 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 = 0.0597
CAGR EPS = -2.74%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0597 * (1 + -2.74%) / (0.0433 * 2) = 0.6705

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) = 0.3591
Ebitda Yield = -0.0617
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 = 0.039
Debt = 3.37
Market Cap = 22.36
Weight Debt = Market Cap / (Market Cap + Debt) = 22.36 / (22.36 + 3.37) = 0.869
Weight Cost Debt = 100% - 0.869 = 0.131
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) = 2.89
β = 1.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.24 * 5.94 + 0 = 0.1023
WACC = (0.039 / 3.37) * (100% - 0.869) * (1 - 0.21) + 0.1023 + 0.869 = 0.9959
Terminal Value = Discount (0.3591 * (1 + -0.0617) / (0.9959 - -0.0617)) = 4.48
Company Value = ∑ (0.3591 / (1 + 0.9959) ^ 5) = 1.99
Price = (Terminal Value + Company Value) / Count shares = (4.48 + 1.99) / 7213560000 = 0.8964

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) = 0.047
FCF Yield = 0.1225
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 = 0.039
Debt = 3.37
Market Cap = 22.36
Weight Debt = Market Cap / (Market Cap + Debt) = 22.36 / (22.36 + 3.37) = 0.869
Weight Cost Debt = 100% - 0.869 = 0.131
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) = 2.89
β = 1.24
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.24 * 5.94 + 0 = 0.1023
WACC = (0.039 / 3.37) * (100% - 0.869) * (1 - 0.21) + 0.1023 + 0.869 = 0.9959
Terminal Value = Discount (0.047 * (1 + 0.1225) / (0.9959 - 0.1225)) = 0.4466
Company Value = ∑ (0.047 / (1 + 0.9959) ^ 5) = 0.1833
Price = (Terminal Value + Company Value) / Count shares = (0.4466 + 0.1833) / 7213560000 = 0.0873