NYSE: CSTM - Constellium SE

Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
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 = 0.8376
CAGR EPS = 18.54%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8376 * (1 + 18.54%) / (0.0433 * 2) = 11.47

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) = 0.6863
Ebitda Yield = 0.0255
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 = 0.1273
Debt = 1.87
Market Cap = 2.52
Weight Debt = Market Cap / (Market Cap + Debt) = 2.52 / (2.52 + 1.87) = 0.5743
Weight Cost Debt = 100% - 0.5743 = 0.4257
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 = -3.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.79 * 5.94 + 0 = -0.1974
WACC = (0.1273 / 1.87) * (100% - 0.5743) * (1 - 0.21) + -0.1974 + 0.5743 = 5.24
Terminal Value = Discount (0.6863 * (1 + 0.0255) / (5.24 - 0.0255)) = 20.3
Company Value = ∑ (0.6863 / (1 + 5.24) ^ 5) = 2.8
Price = (Terminal Value + Company Value) / Count shares = (20.3 + 2.8) / 149240000 = 154.79

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) = 0.1636
FCF Yield = -0.0065
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 = 0.1273
Debt = 1.87
Market Cap = 2.52
Weight Debt = Market Cap / (Market Cap + Debt) = 2.52 / (2.52 + 1.87) = 0.5743
Weight Cost Debt = 100% - 0.5743 = 0.4257
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 = -3.79
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -3.79 * 5.94 + 0 = -0.1974
WACC = (0.1273 / 1.87) * (100% - 0.5743) * (1 - 0.21) + -0.1974 + 0.5743 = 5.24
Terminal Value = Discount (0.1636 * (1 + -0.0065) / (5.24 - -0.0065)) = 2.14
Company Value = ∑ (0.1636 / (1 + 5.24) ^ 5) = 0.7133
Price = (Terminal Value + Company Value) / Count shares = (2.14 + 0.7133) / 149240000 = 19.11