SSE: 601949 - China Publishing & Media Holdings 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 = 0.5079
CAGR EPS = 5.67%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5079 * (1 + 5.67%) / (0.0433 * 2) = 6.2

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) = 0.6547
Ebitda Yield = -0.0309
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 = 0.0071
Debt = 0.4831
Market Cap = 22.93
Weight Debt = Market Cap / (Market Cap + Debt) = 22.93 / (22.93 + 0.4831) = 0.9794
Weight Cost Debt = 100% - 0.9794 = 0.0206
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) = 3
β = 0.0281
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0281 * 5.94 + 0 = 0.0317
WACC = (0.0071 / 0.4831) * (100% - 0.9794) * (1 - 0.21) + 0.0317 + 0.9794 = 1.19
Terminal Value = Discount (0.6547 * (1 + -0.0309) / (1.19 - -0.0309)) = 13.98
Company Value = ∑ (0.6547 / (1 + 1.19) ^ 5) = 3.37
Price = (Terminal Value + Company Value) / Count shares = (13.98 + 3.37) / 1903970000 = 9.11

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) = 1.18
FCF Yield = 0.0777
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 = 0.0071
Debt = 0.4831
Market Cap = 22.93
Weight Debt = Market Cap / (Market Cap + Debt) = 22.93 / (22.93 + 0.4831) = 0.9794
Weight Cost Debt = 100% - 0.9794 = 0.0206
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) = 3
β = 0.0281
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0281 * 5.94 + 0 = 0.0317
WACC = (0.0071 / 0.4831) * (100% - 0.9794) * (1 - 0.21) + 0.0317 + 0.9794 = 1.19
Terminal Value = Discount (1.18 * (1 + 0.0777) / (1.19 - 0.0777)) = 18.18
Company Value = ∑ (1.18 / (1 + 1.19) ^ 5) = 4.91
Price = (Terminal Value + Company Value) / Count shares = (18.18 + 4.91) / 1903970000 = 12.13