OTC: BAFBF - Balfour Beatty plc

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 = 0.5868
CAGR EPS = 24.95%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 4.86 + (4.86 * 24.95% / 100) = 6.07

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 = 0.1926
g = 0.1975
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 = 5.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.01 * 5.94 + 0 = 0.3234
Price = (0.1926 * (1 + 0.1975)) / (0.3234 - 0.1975) = 1.83

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) = 0.6764
Ebitda Yield = 0.0863
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 = 0.0657
Debt = 1.3
Market Cap = 2.23
Weight Debt = Market Cap / (Market Cap + Debt) = 2.23 / (2.23 + 1.3) = 0.6324
Weight Cost Debt = 100% - 0.6324 = 0.3676
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 = 5.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.01 * 5.94 + 0 = 0.3234
WACC = (0.0657 / 1.3) * (100% - 0.6324) * (1 - 0.21) + 0.3234 + 0.6324 = 4.18
Terminal Value = Discount (0.6764 * (1 + 0.0863) / (4.18 - 0.0863)) = 13.47
Company Value = ∑ (0.6764 / (1 + 4.18) ^ 5) = 2.54
Price = (Terminal Value + Company Value) / Count shares = (13.47 + 2.54) / 566000000 = 28.29

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) = 0.5057
FCF Yield = 0.1302
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 = 0.0657
Debt = 1.3
Market Cap = 2.23
Weight Debt = Market Cap / (Market Cap + Debt) = 2.23 / (2.23 + 1.3) = 0.6324
Weight Cost Debt = 100% - 0.6324 = 0.3676
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 = 5.01
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 5.01 * 5.94 + 0 = 0.3234
WACC = (0.0657 / 1.3) * (100% - 0.6324) * (1 - 0.21) + 0.3234 + 0.6324 = 4.18
Terminal Value = Discount (0.5057 * (1 + 0.1302) / (4.18 - 0.1302)) = 5.27
Company Value = ∑ (0.5057 / (1 + 4.18) ^ 5) = 1.76
Price = (Terminal Value + Company Value) / Count shares = (5.27 + 1.76) / 566000000 = 12.42