SSE: 603501 - Will Semiconductor 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 = 0.457
CAGR EPS = -3.25%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.457 * (1 + -3.25%) / (0.0433 * 2) = 5.11

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) = 0.9201
Ebitda Yield = -0.0485
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 = 0.534
Debt = 13.31
Market Cap = 104.34
Weight Debt = Market Cap / (Market Cap + Debt) = 104.34 / (104.34 + 13.31) = 0.8869
Weight Cost Debt = 100% - 0.8869 = 0.1131
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 = 0.8638
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8638 * 5.94 + 0 = 0.0788
WACC = (0.534 / 13.31) * (100% - 0.8869) * (1 - 0.21) + 0.0788 + 0.8869 = 3.21
Terminal Value = Discount (0.9201 * (1 + -0.0485) / (3.21 - -0.0485)) = 9.27
Company Value = ∑ (0.9201 / (1 + 3.21) ^ 5) = 4.65
Price = (Terminal Value + Company Value) / Count shares = (9.27 + 4.65) / 1215780000 = 11.45

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) = 355.97
FCF Yield = 1.23
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 = 0.534
Debt = 13.31
Market Cap = 104.34
Weight Debt = Market Cap / (Market Cap + Debt) = 104.34 / (104.34 + 13.31) = 0.8869
Weight Cost Debt = 100% - 0.8869 = 0.1131
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 = 0.8638
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.8638 * 5.94 + 0 = 0.0788
WACC = (0.534 / 13.31) * (100% - 0.8869) * (1 - 0.21) + 0.0788 + 0.8869 = 3.21
Terminal Value = Discount (355.97 * (1 + 1.23) / (3.21 - 1.23)) = 566.3
Company Value = ∑ (355.97 / (1 + 3.21) ^ 5) = 554.21
Price = (Terminal Value + Company Value) / Count shares = (566.3 + 554.21) / 1215780000 = 921.65