OTC: DNNGY - Ørsted A/S

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 = -48.8
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 16.37 + (16.37 * 8.66% / 100) = 17.79

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 0.1699
Ebitda Yield = -1.47
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 = 4.28
Debt = 80.43
Market Cap = 32.56
Weight Debt = Market Cap / (Market Cap + Debt) = 32.56 / (32.56 + 80.43) = 0.2882
Weight Cost Debt = 100% - 0.2882 = 0.7118
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) = 2.89
β = -4.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.42 * 5.94 + 0 = -0.2339
WACC = (4.28 / 80.43) * (100% - 0.2882) * (1 - 0.21) + -0.2339 + 0.2882 = 4.12
Terminal Value = Discount (0.1699 * (1 + -1.47) / (4.12 - -1.47)) = -0.0429
Company Value = ∑ (0.1699 / (1 + 4.12) ^ 5) = 2.43
Price = (Terminal Value + Company Value) / Count shares = (-0.0429 + 2.43) / 420230000 = 5.67

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) = -9.92
FCF Yield = 0.0051
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 = 4.28
Debt = 80.43
Market Cap = 32.56
Weight Debt = Market Cap / (Market Cap + Debt) = 32.56 / (32.56 + 80.43) = 0.2882
Weight Cost Debt = 100% - 0.2882 = 0.7118
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) = 2.89
β = -4.42
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -4.42 * 5.94 + 0 = -0.2339
WACC = (4.28 / 80.43) * (100% - 0.2882) * (1 - 0.21) + -0.2339 + 0.2882 = 4.12
Terminal Value = Discount (-9.92 * (1 + 0.0051) / (4.12 - 0.0051)) = -225.78
Company Value = ∑ (-9.92 / (1 + 4.12) ^ 5) = -43.55
Price = (Terminal Value + Company Value) / Count shares = (-225.78 + -43.55) / 420230000 = -640.93