OTC: DASTY - Dassault Systèmes SE

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 = 0.7861
CAGR EPS = -28.04%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.7861 * (1 + -28.04%) / (0.0458 * 2) = 6.18

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 = 0.2278
g = 0.1089
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 = -0.4771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4771 * 5.94 + 0 = -0.00084
Price = (0.2278 * (1 + 0.1089)) / (-0.00084 - 0.1089) = 2.3

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 2.57
Ebitda Yield = 0.0651
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 = 0.0621
Debt = 3.06
Market Cap = 51.16
Weight Debt = Market Cap / (Market Cap + Debt) = 51.16 / (51.16 + 3.06) = 0.9436
Weight Cost Debt = 100% - 0.9436 = 0.0564
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 = -0.4771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4771 * 5.94 + 0 = -0.00084
WACC = (0.0621 / 3.06) * (100% - 0.9436) * (1 - 0.21) + -0.00084 + 0.9436 = 1.59
Terminal Value = Discount (2.57 * (1 + 0.0651) / (1.59 - 0.0651)) = 51.38
Company Value = ∑ (2.57 / (1 + 1.59) ^ 5) = 10.82
Price = (Terminal Value + Company Value) / Count shares = (51.38 + 10.82) / 1336800000 = 46.53

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) = 1.76
FCF Yield = 0.0438
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 = 0.0621
Debt = 3.06
Market Cap = 51.16
Weight Debt = Market Cap / (Market Cap + Debt) = 51.16 / (51.16 + 3.06) = 0.9436
Weight Cost Debt = 100% - 0.9436 = 0.0564
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 = -0.4771
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.4771 * 5.94 + 0 = -0.00084
WACC = (0.0621 / 3.06) * (100% - 0.9436) * (1 - 0.21) + -0.00084 + 0.9436 = 1.59
Terminal Value = Discount (1.76 * (1 + 0.0438) / (1.59 - 0.0438)) = 60.85
Company Value = ∑ (1.76 / (1 + 1.59) ^ 5) = 7.71
Price = (Terminal Value + Company Value) / Count shares = (60.85 + 7.71) / 1336800000 = 51.28