NYSE: GB - Global Blue Group Holding AG

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 = 0.0597
CAGR EPS = 24.44%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0597 * (1 + 24.44%) / (0.0433 * 2) = 0.8577

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) = 0.1406
Ebitda Yield = -0.0063
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 = 0.0538
Debt = 0.6124
Market Cap = 1.07
Weight Debt = Market Cap / (Market Cap + Debt) = 1.07 / (1.07 + 0.6124) = 0.636
Weight Cost Debt = 100% - 0.636 = 0.364
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) = 3
β = 2.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.16 * 5.94 + 0 = 0.1585
WACC = (0.0538 / 0.6124) * (100% - 0.636) * (1 - 0.21) + 0.1585 + 0.636 = 7
Terminal Value = Discount (0.1406 * (1 + -0.0063) / (7 - -0.0063)) = 1.3
Company Value = ∑ (0.1406 / (1 + 7) ^ 5) = 0.5844
Price = (Terminal Value + Company Value) / Count shares = (1.3 + 0.5844) / 234140000 = 8.07

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) = 0.049
FCF Yield = -0.0948
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 = 0.0538
Debt = 0.6124
Market Cap = 1.07
Weight Debt = Market Cap / (Market Cap + Debt) = 1.07 / (1.07 + 0.6124) = 0.636
Weight Cost Debt = 100% - 0.636 = 0.364
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) = 3
β = 2.16
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 2.16 * 5.94 + 0 = 0.1585
WACC = (0.0538 / 0.6124) * (100% - 0.636) * (1 - 0.21) + 0.1585 + 0.636 = 7
Terminal Value = Discount (0.049 * (1 + -0.0948) / (7 - -0.0948)) = 0.1918
Company Value = ∑ (0.049 / (1 + 7) ^ 5) = 0.251
Price = (Terminal Value + Company Value) / Count shares = (0.1918 + 0.251) / 234140000 = 1.89