NYSE: GTS - Triple-S Management Corporation

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 = 3.46
CAGR EPS = 8.89%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 29.99 + (29.99 * 8.89% / 100) = 32.66

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) = 0.1515
Ebitda Yield = 0.0386
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
Debt = 0.0495
Market Cap = 0.8564
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8564 / (0.8564 + 0.0495) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0 / 0.0495) * (100% - 0.9454) * (1 - 0.21) + 0.026 + 0.9454 = 0.0246
Terminal Value = Discount (0.1515 * (1 + 0.0386) / (0.0246 - 0.0386)) = 4.09
Company Value = ∑ (0.1515 / (1 + 0.0246) ^ 5) = 0.7024
Price = (Terminal Value + Company Value) / Count shares = (4.09 + 0.7024) / 23000000 = 208.45

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) = 10.53
FCF Yield = 1.21
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
Debt = 0.0495
Market Cap = 0.8564
Weight Debt = Market Cap / (Market Cap + Debt) = 0.8564 / (0.8564 + 0.0495) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0 / 0.0495) * (100% - 0.9454) * (1 - 0.21) + 0.026 + 0.9454 = 0.0246
Terminal Value = Discount (10.53 * (1 + 1.21) / (0.0246 - 1.21)) = 19.22
Company Value = ∑ (10.53 / (1 + 0.0246) ^ 5) = 18.85
Price = (Terminal Value + Company Value) / Count shares = (19.22 + 18.85) / 23000000 = 1655.4