SSE: 688981 - Semiconductor Manufacturing International Corporation

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 = 0.1136
CAGR EPS = -19.37%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1136 * (1 + -19.37%) / (0.0433 * 2) = 1.06

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) = 120.51
Ebitda Yield = 0.289
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 = 0.2094
Debt = 9.66
Market Cap = 191.9
Weight Debt = Market Cap / (Market Cap + Debt) = 191.9 / (191.9 + 9.66) = 0.9521
Weight Cost Debt = 100% - 0.9521 = 0.0479
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) = 2.89
β = 4.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.25 * 5.94 + 0 = 0.2814
WACC = (0.2094 / 9.66) * (100% - 0.9521) * (1 - 0.21) + 0.2814 + 0.9521 = 1.96
Terminal Value = Discount (120.51 * (1 + 0.289) / (1.96 - 0.289)) = 523.18
Company Value = ∑ (120.51 / (1 + 1.96) ^ 5) = 361.16
Price = (Terminal Value + Company Value) / Count shares = (523.18 + 361.16) / 7946560000 = 111.29

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) = -3.18
FCF Yield = -0.0573
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 = 0.2094
Debt = 9.66
Market Cap = 191.9
Weight Debt = Market Cap / (Market Cap + Debt) = 191.9 / (191.9 + 9.66) = 0.9521
Weight Cost Debt = 100% - 0.9521 = 0.0479
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) = 2.89
β = 4.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.25 * 5.94 + 0 = 0.2814
WACC = (0.2094 / 9.66) * (100% - 0.9521) * (1 - 0.21) + 0.2814 + 0.9521 = 1.96
Terminal Value = Discount (-3.18 * (1 + -0.0573) / (1.96 - -0.0573)) = -35.37
Company Value = ∑ (-3.18 / (1 + 1.96) ^ 5) = -17
Price = (Terminal Value + Company Value) / Count shares = (-35.37 + -17) / 7946560000 = -6.59