SSE: 688349 - Sany Heavy Energy 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 = 1.66
CAGR EPS = 4.65%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.66 * (1 + 4.65%) / (0.0458 * 2) = 19.02

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) = 24.1
Ebitda Yield = 0.1004
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 = 0.1012
Debt = 3.69
Market Cap = 38.57
Weight Debt = Market Cap / (Market Cap + Debt) = 38.57 / (38.57 + 3.69) = 0.9127
Weight Cost Debt = 100% - 0.9127 = 0.0873
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 = 1.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.6 * 5.94 + 0 = 0.1228
WACC = (0.1012 / 3.69) * (100% - 0.9127) * (1 - 0.21) + 0.1228 + 0.9127 = 2.26
Terminal Value = Discount (24.1 * (1 + 0.1004) / (2.26 - 0.1004)) = 304.89
Company Value = ∑ (24.1 / (1 + 2.26) ^ 5) = 93.57
Price = (Terminal Value + Company Value) / Count shares = (304.89 + 93.57) / 1205520000 = 330.53

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) = -5.84
FCF Yield = 0.1698
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 = 0.1012
Debt = 3.69
Market Cap = 38.57
Weight Debt = Market Cap / (Market Cap + Debt) = 38.57 / (38.57 + 3.69) = 0.9127
Weight Cost Debt = 100% - 0.9127 = 0.0873
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 = 1.6
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 1.6 * 5.94 + 0 = 0.1228
WACC = (0.1012 / 3.69) * (100% - 0.9127) * (1 - 0.21) + 0.1228 + 0.9127 = 2.26
Terminal Value = Discount (-5.84 * (1 + 0.1698) / (2.26 - 0.1698)) = -41.48
Company Value = ∑ (-5.84 / (1 + 2.26) ^ 5) = -20.31
Price = (Terminal Value + Company Value) / Count shares = (-41.48 + -20.31) / 1205520000 = -51.25