SSE: 603259 - WuXi AppTec 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 = 3.24
CAGR EPS = 37.85%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 64.13 + (64.13 * 37.85% / 100) = 88.4

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) = 31.56
Ebitda Yield = 0.2253
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 = 0.0536
Debt = 5.67
Market Cap = 230.22
Weight Debt = Market Cap / (Market Cap + Debt) = 230.22 / (230.22 + 5.67) = 0.976
Weight Cost Debt = 100% - 0.976 = 0.024
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) = 2.75
β = 2.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.78 * 5.94 + 0 = 0.1929
WACC = (0.0536 / 5.67) * (100% - 0.976) * (1 - 0.21) + 0.1929 + 0.976 = 0.9278
Terminal Value = Discount (31.56 * (1 + 0.2253) / (0.9278 - 0.2253)) = 170.98
Company Value = ∑ (31.56 / (1 + 0.9278) ^ 5) = 106.14
Price = (Terminal Value + Company Value) / Count shares = (170.98 + 106.14) / 2968840000 = 93.34

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) = 100.23
FCF Yield = 0.6634
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 = 0.0536
Debt = 5.67
Market Cap = 230.22
Weight Debt = Market Cap / (Market Cap + Debt) = 230.22 / (230.22 + 5.67) = 0.976
Weight Cost Debt = 100% - 0.976 = 0.024
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) = 2.75
β = 2.78
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.78 * 5.94 + 0 = 0.1929
WACC = (0.0536 / 5.67) * (100% - 0.976) * (1 - 0.21) + 0.1929 + 0.976 = 0.9278
Terminal Value = Discount (100.23 * (1 + 0.6634) / (0.9278 - 0.6634)) = 243.38
Company Value = ∑ (100.23 / (1 + 0.9278) ^ 5) = 223.36
Price = (Terminal Value + Company Value) / Count shares = (243.38 + 223.36) / 2968840000 = 157.21