SSE: 601975 - Nanjing Tanker Corporation

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 = 0.3209
CAGR EPS = 12.26%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.1 + (3.1 * 12.26% / 100) = 3.48

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) = 2.92
Ebitda Yield = 0.0643
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 = 0.1029
Debt = 1.99
Market Cap = 14.02
Weight Debt = Market Cap / (Market Cap + Debt) = 14.02 / (14.02 + 1.99) = 0.8757
Weight Cost Debt = 100% - 0.8757 = 0.1243
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 = 0.4051
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4051 * 5.94 + 0 = 0.053
WACC = (0.1029 / 1.99) * (100% - 0.8757) * (1 - 0.21) + 0.053 + 0.8757 = 4.1
Terminal Value = Discount (2.92 * (1 + 0.0643) / (4.1 - 0.0643)) = 109.21
Company Value = ∑ (2.92 / (1 + 4.1) ^ 5) = 11.44
Price = (Terminal Value + Company Value) / Count shares = (109.21 + 11.44) / 4852780000 = 24.86

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) = 1.59
FCF Yield = 0.035
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 = 0.1029
Debt = 1.99
Market Cap = 14.02
Weight Debt = Market Cap / (Market Cap + Debt) = 14.02 / (14.02 + 1.99) = 0.8757
Weight Cost Debt = 100% - 0.8757 = 0.1243
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 = 0.4051
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4051 * 5.94 + 0 = 0.053
WACC = (0.1029 / 1.99) * (100% - 0.8757) * (1 - 0.21) + 0.053 + 0.8757 = 4.1
Terminal Value = Discount (1.59 * (1 + 0.035) / (4.1 - 0.035)) = 227.43
Company Value = ∑ (1.59 / (1 + 4.1) ^ 5) = 6.59
Price = (Terminal Value + Company Value) / Count shares = (227.43 + 6.59) / 4852780000 = 48.22