SSE: 688187 - Zhuzhou CRRC Times Electric 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 = 2.19
CAGR EPS = -0.6007%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.19 * (1 + -0.6007%) / (0.0433 * 2) = 25.17

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 0.78
g = 0.0545
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) = 3
β = -0.6573
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6573 * 5.94 + 0 = -0.009
Price = (0.78 * (1 + 0.0545)) / (-0.009 - 0.0545) = 12.95

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) = 4.1
Ebitda Yield = 0.0167
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 = 0.0472
Debt = 0.7334
Market Cap = 50.64
Weight Debt = Market Cap / (Market Cap + Debt) = 50.64 / (50.64 + 0.7334) = 0.9857
Weight Cost Debt = 100% - 0.9857 = 0.0143
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) = 3
β = -0.6573
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6573 * 5.94 + 0 = -0.009
WACC = (0.0472 / 0.7334) * (100% - 0.9857) * (1 - 0.21) + -0.009 + 0.9857 = 5.02
Terminal Value = Discount (4.1 * (1 + 0.0167) / (5.02 - 0.0167)) = 97.17
Company Value = ∑ (4.1 / (1 + 5.02) ^ 5) = 17.12
Price = (Terminal Value + Company Value) / Count shares = (97.17 + 17.12) / 1416240000 = 80.69

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) = 0.0153
FCF Yield = -1.49
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 = 0.0472
Debt = 0.7334
Market Cap = 50.64
Weight Debt = Market Cap / (Market Cap + Debt) = 50.64 / (50.64 + 0.7334) = 0.9857
Weight Cost Debt = 100% - 0.9857 = 0.0143
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) = 3
β = -0.6573
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -0.6573 * 5.94 + 0 = -0.009
WACC = (0.0472 / 0.7334) * (100% - 0.9857) * (1 - 0.21) + -0.009 + 0.9857 = 5.02
Terminal Value = Discount (0.0153 * (1 + -1.49) / (5.02 - -1.49)) = -0.0038
Company Value = ∑ (0.0153 / (1 + 5.02) ^ 5) = 0.1726
Price = (Terminal Value + Company Value) / Count shares = (-0.0038 + 0.1726) / 1416240000 = 0.1192