OTC: MAKSY - Marks and Spencer Group plc

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 = 0.2147
CAGR EPS = 46.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.2147 * (1 + 46.97%) / (0.0433 * 2) = 3.64

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 = 0.077
g = 0.2092
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) = 2.82
β = 0.3221
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3221 * 5.94 + 0 = 0.0473
Price = (0.077 * (1 + 0.2092)) / (0.0473 - 0.2092) = 0.5751

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) = 1.76
Ebitda Yield = 0.0811
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 = 0.1739
Debt = 0.9217
Market Cap = 5.56
Weight Debt = Market Cap / (Market Cap + Debt) = 5.56 / (5.56 + 0.9217) = 0.8578
Weight Cost Debt = 100% - 0.8578 = 0.1422
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) = 2.82
β = 0.3221
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3221 * 5.94 + 0 = 0.0473
WACC = (0.1739 / 0.9217) * (100% - 0.8578) * (1 - 0.21) + 0.0473 + 0.8578 = 14.82
Terminal Value = Discount (1.76 * (1 + 0.0811) / (14.82 - 0.0811)) = 14.25
Company Value = ∑ (1.76 / (1 + 14.82) ^ 5) = 5.01
Price = (Terminal Value + Company Value) / Count shares = (14.25 + 5.01) / 2008519999 = 9.59

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) = 1.11
FCF Yield = 0.0499
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 = 0.1739
Debt = 0.9217
Market Cap = 5.56
Weight Debt = Market Cap / (Market Cap + Debt) = 5.56 / (5.56 + 0.9217) = 0.8578
Weight Cost Debt = 100% - 0.8578 = 0.1422
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) = 2.82
β = 0.3221
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3221 * 5.94 + 0 = 0.0473
WACC = (0.1739 / 0.9217) * (100% - 0.8578) * (1 - 0.21) + 0.0473 + 0.8578 = 14.82
Terminal Value = Discount (1.11 * (1 + 0.0499) / (14.82 - 0.0499)) = 5.96
Company Value = ∑ (1.11 / (1 + 14.82) ^ 5) = 3.36
Price = (Terminal Value + Company Value) / Count shares = (5.96 + 3.36) / 2008519999 = 4.64