OTC: ACSAY - ACS, Actividades de Construcción y Servicios, 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 = 3.2
CAGR EPS = 51.14%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 9.87 + (9.87 * 51.14% / 100) = 14.92

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) = 5.08
Ebitda Yield = 0.1343
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 = 0.8433
Debt = 9.85
Market Cap = 8.73
Weight Debt = Market Cap / (Market Cap + Debt) = 8.73 / (8.73 + 9.85) = 0.47
Weight Cost Debt = 100% - 0.47 = 0.53
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) = 2.39
β = -2.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -2.61 * 5.94 + 0 = -0.1311
WACC = (0.8433 / 9.85) * (100% - 0.47) * (1 - 0.21) + -0.1311 + 0.47 = 6.67
Terminal Value = Discount (5.08 * (1 + 0.1343) / (6.67 - 0.1343)) = 61.69
Company Value = ∑ (5.08 / (1 + 6.67) ^ 5) = 16.31
Price = (Terminal Value + Company Value) / Count shares = (61.69 + 16.31) / 258680000 = 301.51

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) = 12.55
FCF Yield = 0.4192
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 = 0.8433
Debt = 9.85
Market Cap = 8.73
Weight Debt = Market Cap / (Market Cap + Debt) = 8.73 / (8.73 + 9.85) = 0.47
Weight Cost Debt = 100% - 0.47 = 0.53
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) = 2.39
β = -2.61
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + -2.61 * 5.94 + 0 = -0.1311
WACC = (0.8433 / 9.85) * (100% - 0.47) * (1 - 0.21) + -0.1311 + 0.47 = 6.67
Terminal Value = Discount (12.55 * (1 + 0.4192) / (6.67 - 0.4192)) = 36.59
Company Value = ∑ (12.55 / (1 + 6.67) ^ 5) = 27.81
Price = (Terminal Value + Company Value) / Count shares = (36.59 + 27.81) / 258680000 = 248.98