SZSE: 002459 - JA Solar Technology 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 = 2.63
CAGR EPS = 197.84%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 18.74 + (18.74 * 197.84% / 100) = 55.81

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 = 0.24
g = 24.65
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 = -1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.95 * 5.94 + 0 = -0.0882
Price = (0.24 * (1 + 24.65)) / (-0.0882 - 24.65) = 0.2488

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) = 1149.78
Ebitda Yield = 1.62
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 = 0.4414
Debt = 3.36
Market Cap = 93.05
Weight Debt = Market Cap / (Market Cap + Debt) = 93.05 / (93.05 + 3.36) = 0.9651
Weight Cost Debt = 100% - 0.9651 = 0.0349
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 = -1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.95 * 5.94 + 0 = -0.0882
WACC = (0.4414 / 3.36) * (100% - 0.9651) * (1 - 0.21) + -0.0882 + 0.9651 = 10.19
Terminal Value = Discount (1149.78 * (1 + 1.62) / (10.19 - 1.62)) = 1221.25
Company Value = ∑ (1149.78 / (1 + 10.19) ^ 5) = 1205.19
Price = (Terminal Value + Company Value) / Count shares = (1221.25 + 1205.19) / 3254000000 = 745.68

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) = 1.78
FCF Yield = -1.8
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 = 0.4414
Debt = 3.36
Market Cap = 93.05
Weight Debt = Market Cap / (Market Cap + Debt) = 93.05 / (93.05 + 3.36) = 0.9651
Weight Cost Debt = 100% - 0.9651 = 0.0349
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 = -1.95
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -1.95 * 5.94 + 0 = -0.0882
WACC = (0.4414 / 3.36) * (100% - 0.9651) * (1 - 0.21) + -0.0882 + 0.9651 = 10.19
Terminal Value = Discount (1.78 * (1 + -1.8) / (10.19 - -1.8)) = -0.4605
Company Value = ∑ (1.78 / (1 + 10.19) ^ 5) = 2.76
Price = (Terminal Value + Company Value) / Count shares = (-0.4605 + 2.76) / 3254000000 = 0.7058