SSE: 601988 - Bank of China 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 = 0.7878
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 4.99 + (4.99 * 8.66% / 100) = 5.42

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) = 688.23
Ebitda Yield = 0.0205
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 = 582.31
Debt = 5070
Market Cap = 1000
Weight Debt = Market Cap / (Market Cap + Debt) = 1000 / (1000 + 5070) = 0.1647
Weight Cost Debt = 100% - 0.1647 = 0.8353
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 = 0.4975
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4975 * 5.94 + 0 = 0.0595
WACC = (582.31 / 5070) * (100% - 0.1647) * (1 - 0.21) + 0.0595 + 0.1647 = 9.07
Terminal Value = Discount (688.23 * (1 + 0.0205) / (9.07 - 0.0205)) = 6480.55
Company Value = ∑ (688.23 / (1 + 9.07) ^ 5) = 2558.18
Price = (Terminal Value + Company Value) / Count shares = (6480.55 + 2558.18) / 294387790000 = 30.7

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) = 2199.01
FCF Yield = 0.2281
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 = 582.31
Debt = 5070
Market Cap = 1000
Weight Debt = Market Cap / (Market Cap + Debt) = 1000 / (1000 + 5070) = 0.1647
Weight Cost Debt = 100% - 0.1647 = 0.8353
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 = 0.4975
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.4975 * 5.94 + 0 = 0.0595
WACC = (582.31 / 5070) * (100% - 0.1647) * (1 - 0.21) + 0.0595 + 0.1647 = 9.07
Terminal Value = Discount (2199.01 * (1 + 0.2281) / (9.07 - 0.2281)) = 12736.67
Company Value = ∑ (2199.01 / (1 + 9.07) ^ 5) = 5698.48
Price = (Terminal Value + Company Value) / Count shares = (12736.67 + 5698.48) / 294387790000 = 62.62