SSE: 601985 - China National Nuclear Power 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 = 0.5626
CAGR EPS = 13.68%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.5626 * (1 + 13.68%) / (0.0433 * 2) = 7.39

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) = 26.44
Ebitda Yield = -0.0066
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 = 6.93
Debt = 276.25
Market Cap = 136.53
Weight Debt = Market Cap / (Market Cap + Debt) = 136.53 / (136.53 + 276.25) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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 = 1.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.19 * 5.94 + 0 = 0.0998
WACC = (6.93 / 276.25) * (100% - 0.3308) * (1 - 0.21) + 0.0998 + 0.3308 = 2.01
Terminal Value = Discount (26.44 * (1 + -0.0066) / (2.01 - -0.0066)) = 890.56
Company Value = ∑ (26.44 / (1 + 2.01) ^ 5) = 126.29
Price = (Terminal Value + Company Value) / Count shares = (890.56 + 126.29) / 18883280000 = 53.85

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) = 56.94
FCF Yield = -2.19
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 = 6.93
Debt = 276.25
Market Cap = 136.53
Weight Debt = Market Cap / (Market Cap + Debt) = 136.53 / (136.53 + 276.25) = 0.3308
Weight Cost Debt = 100% - 0.3308 = 0.6692
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 = 1.19
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 1.19 * 5.94 + 0 = 0.0998
WACC = (6.93 / 276.25) * (100% - 0.3308) * (1 - 0.21) + 0.0998 + 0.3308 = 2.01
Terminal Value = Discount (56.94 * (1 + -2.19) / (2.01 - -2.19)) = -27.75
Company Value = ∑ (56.94 / (1 + 2.01) ^ 5) = 40.65
Price = (Terminal Value + Company Value) / Count shares = (-27.75 + 40.65) / 18883280000 = 0.6833