SSE: 603369 - Jiangsu King's Luck Brewery Joint-Stock 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 = 2.5
CAGR EPS = 16.6%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.5 * (1 + 16.6%) / (0.0458 * 2) = 31.82

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) = 6.02
Ebitda Yield = 0.1018
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 = 0.013
Debt = 0.8003
Market Cap = 71.69
Weight Debt = Market Cap / (Market Cap + Debt) = 71.69 / (71.69 + 0.8003) = 0.989
Weight Cost Debt = 100% - 0.989 = 0.011
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) = 2.6
β = 0.1204
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.1204 * 5.94 + 0 = 0.0332
WACC = (0.013 / 0.8003) * (100% - 0.989) * (1 - 0.21) + 0.0332 + 0.989 = 1.3
Terminal Value = Discount (6.02 * (1 + 0.1018) / (1.3 - 0.1018)) = 70.06
Company Value = ∑ (6.02 / (1 + 1.3) ^ 5) = 24.04
Price = (Terminal Value + Company Value) / Count shares = (70.06 + 24.04) / 1254500000 = 75.01

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) = 0.3636
FCF Yield = -0.0971
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 = 0.013
Debt = 0.8003
Market Cap = 71.69
Weight Debt = Market Cap / (Market Cap + Debt) = 71.69 / (71.69 + 0.8003) = 0.989
Weight Cost Debt = 100% - 0.989 = 0.011
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) = 2.6
β = 0.1204
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.1204 * 5.94 + 0 = 0.0332
WACC = (0.013 / 0.8003) * (100% - 0.989) * (1 - 0.21) + 0.0332 + 0.989 = 1.3
Terminal Value = Discount (0.3636 * (1 + -0.0971) / (1.3 - -0.0971)) = 2.79
Company Value = ∑ (0.3636 / (1 + 1.3) ^ 5) = 2.17
Price = (Terminal Value + Company Value) / Count shares = (2.79 + 2.17) / 1254500000 = 3.96