SSE: 688111 - Beijing Kingsoft Office Software, Inc.

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 = 2.85
CAGR EPS = 41.68%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.85 * (1 + 41.68%) / (0.0458 * 2) = 44.14

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) = 2.78
Ebitda Yield = 0.1813
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 = 0.0093
Debt = 0.0853
Market Cap = 197.99
Weight Debt = Market Cap / (Market Cap + Debt) = 197.99 / (197.99 + 0.0853) = 0.9996
Weight Cost Debt = 100% - 0.9996 = 0.00039999999999996
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 = 2.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.31 * 5.94 + 0 = 0.1645
WACC = (0.0093 / 0.0853) * (100% - 0.9996) * (1 - 0.21) + 0.1645 + 0.9996 = 8.67
Terminal Value = Discount (2.78 * (1 + 0.1813) / (8.67 - 0.1813)) = 22.94
Company Value = ∑ (2.78 / (1 + 8.67) ^ 5) = 7.83
Price = (Terminal Value + Company Value) / Count shares = (22.94 + 7.83) / 461720000 = 66.62

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) = 5.43
FCF Yield = 0.2348
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 = 0.0093
Debt = 0.0853
Market Cap = 197.99
Weight Debt = Market Cap / (Market Cap + Debt) = 197.99 / (197.99 + 0.0853) = 0.9996
Weight Cost Debt = 100% - 0.9996 = 0.00039999999999996
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 = 2.31
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.31 * 5.94 + 0 = 0.1645
WACC = (0.0093 / 0.0853) * (100% - 0.9996) * (1 - 0.21) + 0.1645 + 0.9996 = 8.67
Terminal Value = Discount (5.43 * (1 + 0.2348) / (8.67 - 0.2348)) = 29.88
Company Value = ∑ (5.43 / (1 + 8.67) ^ 5) = 14.1
Price = (Terminal Value + Company Value) / Count shares = (29.88 + 14.1) / 461720000 = 95.25