OTC: AZIHF - Azimut Holding S.p.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 = 3.1
CAGR EPS = 3.08%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 23.56 + (23.56 * 3.08% / 100) = 24.28

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 = 0.9165
g = 0.558
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) = 2.75
β = -0.7036
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7036 * 5.94 + 0 = -0.0143
Price = (0.9165 * (1 + 0.558)) / (-0.0143 - 0.558) = 2.5

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) = 2.03
Ebitda Yield = 0.24
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 = 0.0125
Debt = 0.994
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.994) = 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) = 2.75
β = -0.7036
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7036 * 5.94 + 0 = -0.0143
WACC = (0.0125 / 0.994) * (100% - 0) * (1 - 0.21) + -0.0143 + 0 = 0.9958
Terminal Value = Discount (2.03 * (1 + 0.24) / (0.9958 - 0.24)) = 10.4
Company Value = ∑ (2.03 / (1 + 0.9958) ^ 5) = 6.67
Price = (Terminal Value + Company Value) / Count shares = (10.4 + 6.67) / 138400000 = 123.3

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) = 0.7072
FCF Yield = -0.0206
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 = 0.0125
Debt = 0.994
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.994) = 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) = 2.75
β = -0.7036
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.7036 * 5.94 + 0 = -0.0143
WACC = (0.0125 / 0.994) * (100% - 0) * (1 - 0.21) + -0.0143 + 0 = 0.9958
Terminal Value = Discount (0.7072 * (1 + -0.0206) / (0.9958 - -0.0206)) = 21.55
Company Value = ∑ (0.7072 / (1 + 0.9958) ^ 5) = 3.58
Price = (Terminal Value + Company Value) / Count shares = (21.55 + 3.58) / 138400000 = 181.56