SSE: 688192 - Dizal (Jiangsu) Pharmaceutical Co., Ltd.

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = -2.71
CAGR EPS = 16.96%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 38.3 + (38.3 * 16.96% / 100) = 44.8

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) = -1.3
Ebitda Yield = 0.1046
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 = 0.0076
Debt = 0.0764
Market Cap = 14.23
Weight Debt = Market Cap / (Market Cap + Debt) = 14.23 / (14.23 + 0.0764) = 0.9947
Weight Cost Debt = 100% - 0.9947 = 0.0053
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 = 0.3199
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.3199 * 5.94 + 0 = 0.049
WACC = (0.0076 / 0.0764) * (100% - 0.9947) * (1 - 0.21) + 0.049 + 0.9947 = 7.8
Terminal Value = Discount (-1.3 * (1 + 0.1046) / (7.8 - 0.1046)) = -37.09
Company Value = ∑ (-1.3 / (1 + 7.8) ^ 5) = -4.25
Price = (Terminal Value + Company Value) / Count shares = (-37.09 + -4.25) / 407160000 = -101.52

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) = -2.2
FCF Yield = 0.1711
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 = 0.0076
Debt = 0.0764
Market Cap = 14.23
Weight Debt = Market Cap / (Market Cap + Debt) = 14.23 / (14.23 + 0.0764) = 0.9947
Weight Cost Debt = 100% - 0.9947 = 0.0053
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 = 0.3199
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.3199 * 5.94 + 0 = 0.049
WACC = (0.0076 / 0.0764) * (100% - 0.9947) * (1 - 0.21) + 0.049 + 0.9947 = 7.8
Terminal Value = Discount (-2.2 * (1 + 0.1711) / (7.8 - 0.1711)) = -19.04
Company Value = ∑ (-2.2 / (1 + 7.8) ^ 5) = -6.45
Price = (Terminal Value + Company Value) / Count shares = (-19.04 + -6.45) / 407160000 = -62.61