OTC: LCCTF - L'Occitane International S.A.

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 = 0.0636
CAGR EPS = -5.48%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.0636 * (1 + -5.48%) / (0.0433 * 2) = 0.6941

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) = 0.3992
Ebitda Yield = 0.0026
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 = 0.0387
Debt = 0.8768
Market Cap = 5.06
Weight Debt = Market Cap / (Market Cap + Debt) = 5.06 / (5.06 + 0.8768) = 0.8523
Weight Cost Debt = 100% - 0.8523 = 0.1477
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 = 0.7869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7869 * 5.94 + 0 = 0.0742
WACC = (0.0387 / 0.8768) * (100% - 0.8523) * (1 - 0.21) + 0.0742 + 0.8523 = 3.52
Terminal Value = Discount (0.3992 * (1 + 0.0026) / (3.52 - 0.0026)) = 10.34
Company Value = ∑ (0.3992 / (1 + 3.52) ^ 5) = 1.79
Price = (Terminal Value + Company Value) / Count shares = (10.34 + 1.79) / 1473650000 = 8.23

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) = 0.1415
FCF Yield = -0.0642
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 = 0.0387
Debt = 0.8768
Market Cap = 5.06
Weight Debt = Market Cap / (Market Cap + Debt) = 5.06 / (5.06 + 0.8768) = 0.8523
Weight Cost Debt = 100% - 0.8523 = 0.1477
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 = 0.7869
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0.7869 * 5.94 + 0 = 0.0742
WACC = (0.0387 / 0.8768) * (100% - 0.8523) * (1 - 0.21) + 0.0742 + 0.8523 = 3.52
Terminal Value = Discount (0.1415 * (1 + -0.0642) / (3.52 - -0.0642)) = 1.12
Company Value = ∑ (0.1415 / (1 + 3.52) ^ 5) = 0.7357
Price = (Terminal Value + Company Value) / Count shares = (1.12 + 0.7357) / 1473650000 = 1.26