OTC: ANZGY - ANZ Group Holdings Limited

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 = 2.2
CAGR EPS = 11.92%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 17.5 + (17.5 * 11.92% / 100) = 19.58

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) = 22.16
Ebitda Yield = 0.0172
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 = 44.57
Debt = 191.15
Market Cap = 46.27
Weight Debt = Market Cap / (Market Cap + Debt) = 46.27 / (46.27 + 191.15) = 0.1949
Weight Cost Debt = 100% - 0.1949 = 0.8051
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) = 3
β = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.044
WACC = (44.57 / 191.15) * (100% - 0.1949) * (1 - 0.21) + -0.044 + 0.1949 = 18.38
Terminal Value = Discount (22.16 * (1 + 0.0172) / (18.38 - 0.0172)) = 58.22
Company Value = ∑ (22.16 / (1 + 18.38) ^ 5) = 66.07
Price = (Terminal Value + Company Value) / Count shares = (58.22 + 66.07) / 2974060000 = 41.79

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) = 2.77
FCF Yield = -0.2259
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 = 44.57
Debt = 191.15
Market Cap = 46.27
Weight Debt = Market Cap / (Market Cap + Debt) = 46.27 / (46.27 + 191.15) = 0.1949
Weight Cost Debt = 100% - 0.1949 = 0.8051
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) = 3
β = -1.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -1.25 * 5.94 + 0 = -0.044
WACC = (44.57 / 191.15) * (100% - 0.1949) * (1 - 0.21) + -0.044 + 0.1949 = 18.38
Terminal Value = Discount (2.77 * (1 + -0.2259) / (18.38 - -0.2259)) = 2.25
Company Value = ∑ (2.77 / (1 + 18.38) ^ 5) = 16.56
Price = (Terminal Value + Company Value) / Count shares = (2.25 + 16.56) / 2974060000 = 6.32