SZSE: 300122 - Chongqing Zhifei Biological Products Co

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 = 3.11
CAGR EPS = 20.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 33.52 + (33.52 * 20.66% / 100) = 40.45

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 = 0.5
g = 0.534
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 = (0.5 * (1 + 0.534)) / (0.0282 - 0.534) = 1.52

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) = 24.47
Ebitda Yield = 0.2072
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 = 0.0533
Debt = 4.09
Market Cap = 107.5
Weight Debt = Market Cap / (Market Cap + Debt) = 107.5 / (107.5 + 4.09) = 0.9633
Weight Cost Debt = 100% - 0.9633 = 0.0367
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 = (0.0533 / 4.09) * (100% - 0.9633) * (1 - 0.21) + 0.0282 + 0.9633 = 1.05
Terminal Value = Discount (24.47 * (1 + 0.2072) / (1.05 - 0.2072)) = 142.54
Company Value = ∑ (24.47 / (1 + 1.05) ^ 5) = 83.97
Price = (Terminal Value + Company Value) / Count shares = (142.54 + 83.97) / 1599000000 = 141.66

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) = 53.13
FCF Yield = 0.4654
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 = 0.0533
Debt = 4.09
Market Cap = 107.5
Weight Debt = Market Cap / (Market Cap + Debt) = 107.5 / (107.5 + 4.09) = 0.9633
Weight Cost Debt = 100% - 0.9633 = 0.0367
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 = (0.0533 / 4.09) * (100% - 0.9633) * (1 - 0.21) + 0.0282 + 0.9633 = 1.05
Terminal Value = Discount (53.13 * (1 + 0.4654) / (1.05 - 0.4654)) = 162.45
Company Value = ∑ (53.13 / (1 + 1.05) ^ 5) = 137.13
Price = (Terminal Value + Company Value) / Count shares = (162.45 + 137.13) / 1599000000 = 187.35