NYSE: MPV - Barings Participation Investors

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 = 1.71
CAGR EPS = 0.225%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 15.38 + (15.38 * 0.225% / 100) = 15.41

Price = (DPS * (1 + g)) / (Cost Of Equity - g)
Price - 价格公道
DPS — 当期股息
g — 预期增长率
DPS = 1.79
g = 0.7071
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 = 0.7887
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7887 * 5.94 + 0 = 0.0729
Price = (1.79 * (1 + 0.7071)) / (0.0729 - 0.7071) = 4.82

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) = 0.021
Ebitda Yield = 0.012
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 = 0.0012
Debt = 0.0216
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0216) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.7887
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7887 * 5.94 + 0 = 0.0729
WACC = (0.0012 / 0.0216) * (100% - 0) * (1 - 0.21) + 0.0729 + 0 = 4.56
Terminal Value = Discount (0.021 * (1 + 0.012) / (4.56 - 0.012)) = 0.5064
Company Value = ∑ (0.021 / (1 + 4.56) ^ 5) = 0.0899
Price = (Terminal Value + Company Value) / Count shares = (0.5064 + 0.0899) / 10600000 = 56.26

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) = 0.0357
FCF Yield = 0.156
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 = 0.0012
Debt = 0.0216
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0216) = 0
Weight Cost Debt = 100% - 0 = 1
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 = 0.7887
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.7887 * 5.94 + 0 = 0.0729
WACC = (0.0012 / 0.0216) * (100% - 0) * (1 - 0.21) + 0.0729 + 0 = 4.56
Terminal Value = Discount (0.0357 * (1 + 0.156) / (4.56 - 0.156)) = 0.2993
Company Value = ∑ (0.0357 / (1 + 4.56) ^ 5) = 0.1181
Price = (Terminal Value + Company Value) / Count shares = (0.2993 + 0.1181) / 10600000 = 39.38