OTC: OXINF - Oxford Instruments 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 = 0.8652
CAGR EPS = 4.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.8652 * (1 + 4.12%) / (0.0433 * 2) = 10.4

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 = 0.2513
g = 0.1378
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) = 3
β = 0.0944
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0944 * 5.94 + 0 = 0.0356
Price = (0.2513 * (1 + 0.1378)) / (0.0356 - 0.1378) = 2.8

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) = 0.1138
Ebitda Yield = 0.0637
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 = 0.0017
Debt = 0.0474
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0474) = 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) = 3
β = 0.0944
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0944 * 5.94 + 0 = 0.0356
WACC = (0.0017 / 0.0474) * (100% - 0) * (1 - 0.21) + 0.0356 + 0 = 2.83
Terminal Value = Discount (0.1138 * (1 + 0.0637) / (2.83 - 0.0637)) = 2.98
Company Value = ∑ (0.1138 / (1 + 2.83) ^ 5) = 0.4631
Price = (Terminal Value + Company Value) / Count shares = (2.98 + 0.4631) / 58400000 = 58.93

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) = 0.0082
FCF Yield = -0.144
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 = 0.0017
Debt = 0.0474
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0474) = 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) = 3
β = 0.0944
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 0.0944 * 5.94 + 0 = 0.0356
WACC = (0.0017 / 0.0474) * (100% - 0) * (1 - 0.21) + 0.0356 + 0 = 2.83
Terminal Value = Discount (0.0082 * (1 + -0.144) / (2.83 - -0.144)) = 0.0354
Company Value = ∑ (0.0082 / (1 + 2.83) ^ 5) = 0.0531
Price = (Terminal Value + Company Value) / Count shares = (0.0354 + 0.0531) / 58400000 = 1.51