SZSE: 002939 - China Great Wall Securities Co.,Ltd.

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Leitzins
Excess Key Rate — Gewünschte Überschreitung des Leitzinses
EPS = 0.39
CAGR EPS = -1.6%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.39 * (1 + -1.6%) / (0.0458 * 2) = 4.19