SSE: 688012 - Advanced Micro-Fabrication Equipment Inc. China

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 = 2.88
CAGR EPS = 53.36%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.88 * (1 + 53.36%) / (0.0458 * 2) = 48.28

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) = 7.31
Ebitda Yield = 0.3784
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 = 0.0144
Debt = 0.5207
Market Cap = 83.25
Weight Debt = Market Cap / (Market Cap + Debt) = 83.25 / (83.25 + 0.5207) = 0.9938
Weight Cost Debt = 100% - 0.9938 = 0.0062
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1045
WACC = (0.0144 / 0.5207) * (100% - 0.9938) * (1 - 0.21) + 0.1045 + 0.9938 = 2.26
Terminal Value = Discount (7.31 * (1 + 0.3784) / (2.26 - 0.3784)) = 25.34
Company Value = ∑ (7.31 / (1 + 2.26) ^ 5) = 19.64
Price = (Terminal Value + Company Value) / Count shares = (25.34 + 19.64) / 619280000 = 72.64

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) = 6.09
FCF Yield = -2.27
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 = 0.0144
Debt = 0.5207
Market Cap = 83.25
Weight Debt = Market Cap / (Market Cap + Debt) = 83.25 / (83.25 + 0.5207) = 0.9938
Weight Cost Debt = 100% - 0.9938 = 0.0062
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 = 1.3
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.3 * 5.94 + 0 = 0.1045
WACC = (0.0144 / 0.5207) * (100% - 0.9938) * (1 - 0.21) + 0.1045 + 0.9938 = 2.26
Terminal Value = Discount (6.09 * (1 + -2.27) / (2.26 - -2.27)) = -3.02
Company Value = ∑ (6.09 / (1 + 2.26) ^ 5) = 4.04
Price = (Terminal Value + Company Value) / Count shares = (-3.02 + 4.04) / 619280000 = 1.65