OTC: HLFFF - HelloFresh 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 = 0.1227
CAGR EPS = 32.01%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.1227 * (1 + 32.01%) / (0.0458 * 2) = 1.77

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) = 2.56
Ebitda Yield = 0.4561
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 = 0.0393
Debt = 0.2754
Market Cap = 4.84
Weight Debt = Market Cap / (Market Cap + Debt) = 4.84 / (4.84 + 0.2754) = 0.9462
Weight Cost Debt = 100% - 0.9462 = 0.0538
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 = 2.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.48 * 5.94 + 0 = 0.1745
WACC = (0.0393 / 0.2754) * (100% - 0.9462) * (1 - 0.21) + 0.1745 + 0.9462 = 11.33
Terminal Value = Discount (2.56 * (1 + 0.4561) / (11.33 - 0.4561)) = 6.36
Company Value = ∑ (2.56 / (1 + 11.33) ^ 5) = 4.7
Price = (Terminal Value + Company Value) / Count shares = (6.36 + 4.7) / 176100000 = 62.81

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) = 1.45
FCF Yield = 0.7626
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 = 0.0393
Debt = 0.2754
Market Cap = 4.84
Weight Debt = Market Cap / (Market Cap + Debt) = 4.84 / (4.84 + 0.2754) = 0.9462
Weight Cost Debt = 100% - 0.9462 = 0.0538
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 = 2.48
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 2.48 * 5.94 + 0 = 0.1745
WACC = (0.0393 / 0.2754) * (100% - 0.9462) * (1 - 0.21) + 0.1745 + 0.9462 = 11.33
Terminal Value = Discount (1.45 * (1 + 0.7626) / (11.33 - 0.7626)) = 2.3
Company Value = ∑ (1.45 / (1 + 11.33) ^ 5) = 2.07
Price = (Terminal Value + Company Value) / Count shares = (2.3 + 2.07) / 176100000 = 24.84