NYSE: BSMX - Banco Santander México, S.A., Institución de Banca Múltiple, Grupo Financiero Santander México

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 = 19.5
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 5.46 + (5.46 * 8.66% / 100) = 5.93

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) = 352.25
Ebitda Yield = 0.2395
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 = 63.85
Debt = 149.66
Market Cap = 8.85
Weight Debt = Market Cap / (Market Cap + Debt) = 8.85 / (8.85 + 149.66) = 0.0558
Weight Cost Debt = 100% - 0.0558 = 0.9442
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) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (63.85 / 149.66) * (100% - 0.0558) * (1 - 0.21) + 0.0289 + 0.0558 = 33.69
Terminal Value = Discount (352.25 * (1 + 0.2395) / (33.69 - 0.2395)) = 1049.81
Company Value = ∑ (352.25 / (1 + 33.69) ^ 5) = 482.57
Price = (Terminal Value + Company Value) / Count shares = (1049.81 + 482.57) / 1357400000 = 1128.91

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) = 0.8227
FCF Yield = -0.2497
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 = 63.85
Debt = 149.66
Market Cap = 8.85
Weight Debt = Market Cap / (Market Cap + Debt) = 8.85 / (8.85 + 149.66) = 0.0558
Weight Cost Debt = 100% - 0.0558 = 0.9442
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) = 2.89
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0 * 5.94 + 0 = 0.0289
WACC = (63.85 / 149.66) * (100% - 0.0558) * (1 - 0.21) + 0.0289 + 0.0558 = 33.69
Terminal Value = Discount (0.8227 * (1 + -0.2497) / (33.69 - -0.2497)) = 0.2464
Company Value = ∑ (0.8227 / (1 + 33.69) ^ 5) = 4.18
Price = (Terminal Value + Company Value) / Count shares = (0.2464 + 4.18) / 1357400000 = 3.26