NASDAQ: TIGO - Millicom International Cellular S.A.

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 = -0.4784
CAGR EPS = -179.78%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -179.78% / 100) = 4.17

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) = 2.36
Ebitda Yield = 0.0228
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 = 0.711
Debt = 6.89
Market Cap = 2.66
Weight Debt = Market Cap / (Market Cap + Debt) = 2.66 / (2.66 + 6.89) = 0.2787
Weight Cost Debt = 100% - 0.2787 = 0.7213
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) = 2.6
β = 0.3502
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3502 * 5.94 + 0 = 0.0468
WACC = (0.711 / 6.89) * (100% - 0.2787) * (1 - 0.21) + 0.0468 + 0.2787 = 8.15
Terminal Value = Discount (2.36 * (1 + 0.0228) / (8.15 - 0.0228)) = 27.86
Company Value = ∑ (2.36 / (1 + 8.15) ^ 5) = 8.96
Price = (Terminal Value + Company Value) / Count shares = (27.86 + 8.96) / 171400000 = 214.8

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) = 0.2507
FCF Yield = 0.1947
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 = 0.711
Debt = 6.89
Market Cap = 2.66
Weight Debt = Market Cap / (Market Cap + Debt) = 2.66 / (2.66 + 6.89) = 0.2787
Weight Cost Debt = 100% - 0.2787 = 0.7213
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) = 2.6
β = 0.3502
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3502 * 5.94 + 0 = 0.0468
WACC = (0.711 / 6.89) * (100% - 0.2787) * (1 - 0.21) + 0.0468 + 0.2787 = 8.15
Terminal Value = Discount (0.2507 * (1 + 0.1947) / (8.15 - 0.1947)) = 1.79
Company Value = ∑ (0.2507 / (1 + 8.15) ^ 5) = 0.7012
Price = (Terminal Value + Company Value) / Count shares = (1.79 + 0.7012) / 171400000 = 14.52