SSE: 688009 - China Railway Signal & Communication Corporation Limited

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 = 0.3284
CAGR EPS = -2.88%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.3284 * (1 + -2.88%) / (0.0433 * 2) = 3.68

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) = 5.67
Ebitda Yield = 0.0065
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 = 0.0767
Debt = 5.94
Market Cap = 54.35
Weight Debt = Market Cap / (Market Cap + Debt) = 54.35 / (54.35 + 5.94) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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) = 2.82
β = -0.1474
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1474 * 5.94 + 0 = 0.0194
WACC = (0.0767 / 5.94) * (100% - 0.9015) * (1 - 0.21) + 0.0194 + 0.9015 = 1.03
Terminal Value = Discount (5.67 * (1 + 0.0065) / (1.03 - 0.0065)) = 1416.39
Company Value = ∑ (5.67 / (1 + 1.03) ^ 5) = 27.12
Price = (Terminal Value + Company Value) / Count shares = (1416.39 + 27.12) / 10589820000 = 136.31

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) = 0.2385
FCF Yield = -0.1873
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 = 0.0767
Debt = 5.94
Market Cap = 54.35
Weight Debt = Market Cap / (Market Cap + Debt) = 54.35 / (54.35 + 5.94) = 0.9015
Weight Cost Debt = 100% - 0.9015 = 0.0985
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) = 2.82
β = -0.1474
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.1474 * 5.94 + 0 = 0.0194
WACC = (0.0767 / 5.94) * (100% - 0.9015) * (1 - 0.21) + 0.0194 + 0.9015 = 1.03
Terminal Value = Discount (0.2385 * (1 + -0.1873) / (1.03 - -0.1873)) = 0.9322
Company Value = ∑ (0.2385 / (1 + 1.03) ^ 5) = 1.83
Price = (Terminal Value + Company Value) / Count shares = (0.9322 + 1.83) / 10589820000 = 0.2613