OTC: EXNWF - Exclusive Networks SA

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 = 0.5252
CAGR EPS = 37.29%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.5252 * (1 + 37.29%) / (0.0458 * 2) = 7.87

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) = 0.4195
Ebitda Yield = 0.1551
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 = 0.0324
Debt = 0.5702
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.5702) = 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) = 2.6
β = 0.3237
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3237 * 5.94 + 0 = 0.0452
WACC = (0.0324 / 0.5702) * (100% - 0) * (1 - 0.21) + 0.0452 + 0 = 4.49
Terminal Value = Discount (0.4195 * (1 + 0.1551) / (4.49 - 0.1551)) = 3.53
Company Value = ∑ (0.4195 / (1 + 4.49) ^ 5) = 1.39
Price = (Terminal Value + Company Value) / Count shares = (3.53 + 1.39) / 91490000 = 53.79

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) = 3.59
FCF Yield = 0.7749
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 = 0.0324
Debt = 0.5702
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.5702) = 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) = 2.6
β = 0.3237
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0.3237 * 5.94 + 0 = 0.0452
WACC = (0.0324 / 0.5702) * (100% - 0) * (1 - 0.21) + 0.0452 + 0 = 4.49
Terminal Value = Discount (3.59 * (1 + 0.7749) / (4.49 - 0.7749)) = 7.01
Company Value = ∑ (3.59 / (1 + 4.49) ^ 5) = 6.52
Price = (Terminal Value + Company Value) / Count shares = (7.01 + 6.52) / 91490000 = 147.91