NYSE: TOT - Total S.A.

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 = -1.64
CAGR EPS = -202.93%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0 + (0 * -202.93% / 100) = 18.43

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 = 3.09
g = 0.0073
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
Price = (3.09 * (1 + 0.0073)) / (0.026 - 0.0073) = 166.66

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) = 15.03
Ebitda Yield = -0.0341
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 = 73.28
Market Cap = 127.53
Weight Debt = Market Cap / (Market Cap + Debt) = 127.53 / (127.53 + 73.28) = 0.6351
Weight Cost Debt = 100% - 0.6351 = 0.3649
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 / 73.28) * (100% - 0.6351) * (1 - 0.21) + 0.026 + 0.6351 = 0.0165
Terminal Value = Discount (15.03 * (1 + -0.0341) / (0.0165 - -0.0341)) = 423.49
Company Value = ∑ (15.03 / (1 + 0.0165) ^ 5) = 80.62
Price = (Terminal Value + Company Value) / Count shares = (423.49 + 80.62) / 2123000000 = 237.45

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) = 14.05
FCF Yield = 0.2831
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 = 73.28
Market Cap = 127.53
Weight Debt = Market Cap / (Market Cap + Debt) = 127.53 / (127.53 + 73.28) = 0.6351
Weight Cost Debt = 100% - 0.6351 = 0.3649
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 / 73.28) * (100% - 0.6351) * (1 - 0.21) + 0.026 + 0.6351 = 0.0165
Terminal Value = Discount (14.05 * (1 + 0.2831) / (0.0165 - 0.2831)) = 63.65
Company Value = ∑ (14.05 / (1 + 0.0165) ^ 5) = 45.33
Price = (Terminal Value + Company Value) / Count shares = (63.65 + 45.33) / 2123000000 = 51.33