OTC: ANCTF - Alimentation Couche-Tard Inc.

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 = 2.82
CAGR EPS = 5.87%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.82 * (1 + 5.87%) / (0.0433 * 2) = 34.47

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 = 0.387
g = 0.0599
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) = 2.82
β = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.47 * 5.94 + 0 = 0.1153
Price = (0.387 * (1 + 0.0599)) / (0.1153 - 0.0599) = 7.4

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) = 6.87
Ebitda Yield = 0.037
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 = 0.5169
Debt = 14.47
Market Cap = 47.38
Weight Debt = Market Cap / (Market Cap + Debt) = 47.38 / (47.38 + 14.47) = 0.766
Weight Cost Debt = 100% - 0.766 = 0.234
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) = 2.82
β = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.47 * 5.94 + 0 = 0.1153
WACC = (0.5169 / 14.47) * (100% - 0.766) * (1 - 0.21) + 0.1153 + 0.766 = 2.89
Terminal Value = Discount (6.87 * (1 + 0.037) / (2.89 - 0.037)) = 758.69
Company Value = ∑ (6.87 / (1 + 2.89) ^ 5) = 29.34
Price = (Terminal Value + Company Value) / Count shares = (758.69 + 29.34) / 968200000 = 813.91

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) = 3.43
FCF Yield = 0.0357
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 = 0.5169
Debt = 14.47
Market Cap = 47.38
Weight Debt = Market Cap / (Market Cap + Debt) = 47.38 / (47.38 + 14.47) = 0.766
Weight Cost Debt = 100% - 0.766 = 0.234
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) = 2.82
β = 1.47
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.47 * 5.94 + 0 = 0.1153
WACC = (0.5169 / 14.47) * (100% - 0.766) * (1 - 0.21) + 0.1153 + 0.766 = 2.89
Terminal Value = Discount (3.43 * (1 + 0.0357) / (2.89 - 0.0357)) = 449.28
Company Value = ∑ (3.43 / (1 + 2.89) ^ 5) = 14.66
Price = (Terminal Value + Company Value) / Count shares = (449.28 + 14.66) / 968200000 = 479.18