OTC: GLPEY - Galp Energia, SGPS, S.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 = 0.8685
CAGR EPS = 29.97%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 8.47 + (8.47 * 29.97% / 100) = 11

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 = 0.2749
g = 0.4743
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 = -0.8652
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.8652 * 5.94 + 0 = -0.0254
Price = (0.2749 * (1 + 0.4743)) / (-0.0254 - 0.4743) = 0.8112

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) = 8.17
Ebitda Yield = 0.1705
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 = 0.2015
Debt = 3.84
Market Cap = 10.92
Weight Debt = Market Cap / (Market Cap + Debt) = 10.92 / (10.92 + 3.84) = 0.7396
Weight Cost Debt = 100% - 0.7396 = 0.2604
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 = -0.8652
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.8652 * 5.94 + 0 = -0.0254
WACC = (0.2015 / 3.84) * (100% - 0.7396) * (1 - 0.21) + -0.0254 + 0.7396 = 4.09
Terminal Value = Discount (8.17 * (1 + 0.1705) / (4.09 - 0.1705)) = 60.42
Company Value = ∑ (8.17 / (1 + 4.09) ^ 5) = 26.81
Price = (Terminal Value + Company Value) / Count shares = (60.42 + 26.81) / 1592310000 = 54.78

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) = 2.74
FCF Yield = 0.1192
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 = 0.2015
Debt = 3.84
Market Cap = 10.92
Weight Debt = Market Cap / (Market Cap + Debt) = 10.92 / (10.92 + 3.84) = 0.7396
Weight Cost Debt = 100% - 0.7396 = 0.2604
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 = -0.8652
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + -0.8652 * 5.94 + 0 = -0.0254
WACC = (0.2015 / 3.84) * (100% - 0.7396) * (1 - 0.21) + -0.0254 + 0.7396 = 4.09
Terminal Value = Discount (2.74 * (1 + 0.1192) / (4.09 - 0.1192)) = 32.05
Company Value = ∑ (2.74 / (1 + 4.09) ^ 5) = 9.75
Price = (Terminal Value + Company Value) / Count shares = (32.05 + 9.75) / 1592310000 = 26.25