SSE: 603345 - Anjoy Foods Group 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 = 5.04
CAGR EPS = 25.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.04 * (1 + 25.37%) / (0.0433 * 2) = 72.96

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) = 3.56
Ebitda Yield = 0.1663
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 = 0.0142
Debt = 0.4446
Market Cap = 46.26
Weight Debt = Market Cap / (Market Cap + Debt) = 46.26 / (46.26 + 0.4446) = 0.9905
Weight Cost Debt = 100% - 0.9905 = 0.0095
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 = -0.6911
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6911 * 5.94 + 0 = -0.0111
WACC = (0.0142 / 0.4446) * (100% - 0.9905) * (1 - 0.21) + -0.0111 + 0.9905 = 2.49
Terminal Value = Discount (3.56 * (1 + 0.1663) / (2.49 - 0.1663)) = 25.97
Company Value = ∑ (3.56 / (1 + 2.49) ^ 5) = 12.36
Price = (Terminal Value + Company Value) / Count shares = (25.97 + 12.36) / 293290000 = 130.7

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) = 6.01
FCF Yield = 0.637
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 = 0.0142
Debt = 0.4446
Market Cap = 46.26
Weight Debt = Market Cap / (Market Cap + Debt) = 46.26 / (46.26 + 0.4446) = 0.9905
Weight Cost Debt = 100% - 0.9905 = 0.0095
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 = -0.6911
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6911 * 5.94 + 0 = -0.0111
WACC = (0.0142 / 0.4446) * (100% - 0.9905) * (1 - 0.21) + -0.0111 + 0.9905 = 2.49
Terminal Value = Discount (6.01 * (1 + 0.637) / (2.49 - 0.637)) = 14.21
Company Value = ∑ (6.01 / (1 + 2.49) ^ 5) = 12.85
Price = (Terminal Value + Company Value) / Count shares = (14.21 + 12.85) / 293290000 = 92.26