SSE: 601668 - China State Construction Engineering Corporation 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 = 1.29
CAGR EPS = 5.34%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.27 + (5.27 * 5.34% / 100) = 5.55

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) = 117.08
Ebitda Yield = 0.0151
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 = 20.11
Debt = 796.09
Market Cap = 245.23
Weight Debt = Market Cap / (Market Cap + Debt) = 245.23 / (245.23 + 796.09) = 0.2355
Weight Cost Debt = 100% - 0.2355 = 0.7645
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 = -0.3884
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3884 * 5.94 + 0 = 0.0051
WACC = (20.11 / 796.09) * (100% - 0.2355) * (1 - 0.21) + 0.0051 + 0.2355 = 1.99
Terminal Value = Discount (117.08 * (1 + 0.0151) / (1.99 - 0.0151)) = 22320.19
Company Value = ∑ (117.08 / (1 + 1.99) ^ 5) = 535.49
Price = (Terminal Value + Company Value) / Count shares = (22320.19 + 535.49) / 41919510000 = 545.23

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) = -11.67
FCF Yield = -0.127
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 = 20.11
Debt = 796.09
Market Cap = 245.23
Weight Debt = Market Cap / (Market Cap + Debt) = 245.23 / (245.23 + 796.09) = 0.2355
Weight Cost Debt = 100% - 0.2355 = 0.7645
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 = -0.3884
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3884 * 5.94 + 0 = 0.0051
WACC = (20.11 / 796.09) * (100% - 0.2355) * (1 - 0.21) + 0.0051 + 0.2355 = 1.99
Terminal Value = Discount (-11.67 * (1 + -0.127) / (1.99 - -0.127)) = -62.84
Company Value = ∑ (-11.67 / (1 + 1.99) ^ 5) = -73.95
Price = (Terminal Value + Company Value) / Count shares = (-62.84 + -73.95) / 41919510000 = -3.26