SSE: 688599 - Trina Solar 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 = 2.54
CAGR EPS = 47.51%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 25.18 + (25.18 * 47.51% / 100) = 37.14

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) = 15.08
Ebitda Yield = 0.1904
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 = 1.29
Debt = 31.15
Market Cap = 79.1
Weight Debt = Market Cap / (Market Cap + Debt) = 79.1 / (79.1 + 31.15) = 0.7175
Weight Cost Debt = 100% - 0.7175 = 0.2825
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) = 2.6
β = 1.98
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.98 * 5.94 + 0 = 0.1438
WACC = (1.29 / 31.15) * (100% - 0.7175) * (1 - 0.21) + 0.1438 + 0.7175 = 3.36
Terminal Value = Discount (15.08 * (1 + 0.1904) / (3.36 - 0.1904)) = 97.06
Company Value = ∑ (15.08 / (1 + 3.36) ^ 5) = 49.17
Price = (Terminal Value + Company Value) / Count shares = (97.06 + 49.17) / 2173560000 = 67.28

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 FCF(5) * (1 + FCF Yield) / (WACC - FCF Yield)
Company Value = ∑ (Discount FCF / (1 + WACC) ^ 5)
Discount FCF(5) = 0.000831
FCF Yield = -1.34
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 = 1.29
Debt = 31.15
Market Cap = 79.1
Weight Debt = Market Cap / (Market Cap + Debt) = 79.1 / (79.1 + 31.15) = 0.7175
Weight Cost Debt = 100% - 0.7175 = 0.2825
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) = 2.6
β = 1.98
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.98 * 5.94 + 0 = 0.1438
WACC = (1.29 / 31.15) * (100% - 0.7175) * (1 - 0.21) + 0.1438 + 0.7175 = 3.36
Terminal Value = Discount (0.000831 * (1 + -1.34) / (3.36 - -1.34)) = -0.000173
Company Value = ∑ (0.000831 / (1 + 3.36) ^ 5) = 0.0469
Price = (Terminal Value + Company Value) / Count shares = (-0.000173 + 0.0469) / 2173560000 = 0.0215