SZSE: 002415 - Hangzhou Hikvision Digital Technology 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 = 1.32
CAGR EPS = 2.4%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.32 * (1 + 2.4%) / (0.0433 * 2) = 15.61

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 = 0.7
g = 0.0687
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
Price = (0.7 * (1 + 0.0687)) / (0.0282 - 0.0687) = 18.48

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) = 19.71
Ebitda Yield = 0.0371
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 = 0.3098
Debt = 14.45
Market Cap = 316.31
Weight Debt = Market Cap / (Market Cap + Debt) = 316.31 / (316.31 + 14.45) = 0.9563
Weight Cost Debt = 100% - 0.9563 = 0.0437
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.3098 / 14.45) * (100% - 0.9563) * (1 - 0.21) + 0.0282 + 0.9563 = 1.7
Terminal Value = Discount (19.71 * (1 + 0.0371) / (1.7 - 0.0371)) = 936.2
Company Value = ∑ (19.71 / (1 + 1.7) ^ 5) = 87.12
Price = (Terminal Value + Company Value) / Count shares = (936.2 + 87.12) / 9370000000 = 109.21

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) = 20.34
FCF Yield = 0.1182
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 = 0.3098
Debt = 14.45
Market Cap = 316.31
Weight Debt = Market Cap / (Market Cap + Debt) = 316.31 / (316.31 + 14.45) = 0.9563
Weight Cost Debt = 100% - 0.9563 = 0.0437
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) = 2.82
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0 * 5.94 + 0 = 0.0282
WACC = (0.3098 / 14.45) * (100% - 0.9563) * (1 - 0.21) + 0.0282 + 0.9563 = 1.7
Terminal Value = Discount (20.34 * (1 + 0.1182) / (1.7 - 0.1182)) = 206.59
Company Value = ∑ (20.34 / (1 + 1.7) ^ 5) = 78.01
Price = (Terminal Value + Company Value) / Count shares = (206.59 + 78.01) / 9370000000 = 30.37