SSE: 601919 - COSCO SHIPPING Holdings Co., Ltd.

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 = 1.48
CAGR EPS = 27.54%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.16 + (12.16 * 27.54% / 100) = 15.5

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) = 503.76
Ebitda Yield = 0.2901
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 = 3.59
Debt = 88.59
Market Cap = 146.08
Weight Debt = Market Cap / (Market Cap + Debt) = 146.08 / (146.08 + 88.59) = 0.6225
Weight Cost Debt = 100% - 0.6225 = 0.3775
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 = 0.9039
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9039 * 5.94 + 0 = 0.0826
WACC = (3.59 / 88.59) * (100% - 0.6225) * (1 - 0.21) + 0.0826 + 0.6225 = 3.24
Terminal Value = Discount (503.76 * (1 + 0.2901) / (3.24 - 0.2901)) = 2150.56
Company Value = ∑ (503.76 / (1 + 3.24) ^ 5) = 1444.85
Price = (Terminal Value + Company Value) / Count shares = (2150.56 + 1444.85) / 16131060000 = 222.89

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) = 5.62
FCF Yield = -0.0508
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 = 3.59
Debt = 88.59
Market Cap = 146.08
Weight Debt = Market Cap / (Market Cap + Debt) = 146.08 / (146.08 + 88.59) = 0.6225
Weight Cost Debt = 100% - 0.6225 = 0.3775
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 = 0.9039
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.9039 * 5.94 + 0 = 0.0826
WACC = (3.59 / 88.59) * (100% - 0.6225) * (1 - 0.21) + 0.0826 + 0.6225 = 3.24
Terminal Value = Discount (5.62 * (1 + -0.0508) / (3.24 - -0.0508)) = 54.73
Company Value = ∑ (5.62 / (1 + 3.24) ^ 5) = 28.54
Price = (Terminal Value + Company Value) / Count shares = (54.73 + 28.54) / 16131060000 = 5.16