OTC: PDRDF - Pernod Ricard SA

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 = 6.12
CAGR EPS = 37.18%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 6.12 * (1 + 37.18%) / (0.0458 * 2) = 91.65

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 = 0.0316
g = 0.3216
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 = -0.2027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.2027 * 5.94 + 0 = 0.0155
Price = (0.0316 * (1 + 0.3216)) / (0.0155 - 0.3216) = 0.1365

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) = 7.2
Ebitda Yield = 0.1653
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 = 0.4807
Debt = 13.31
Market Cap = 54.67
Weight Debt = Market Cap / (Market Cap + Debt) = 54.67 / (54.67 + 13.31) = 0.8042
Weight Cost Debt = 100% - 0.8042 = 0.1958
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 = -0.2027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.2027 * 5.94 + 0 = 0.0155
WACC = (0.4807 / 13.31) * (100% - 0.8042) * (1 - 0.21) + 0.0155 + 0.8042 = 2.84
Terminal Value = Discount (7.2 * (1 + 0.1653) / (2.84 - 0.1653)) = 53.27
Company Value = ∑ (7.2 / (1 + 2.84) ^ 5) = 24.75
Price = (Terminal Value + Company Value) / Count shares = (53.27 + 24.75) / 256880000 = 303.73

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) = 1.18
FCF Yield = 0.0332
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 = 0.4807
Debt = 13.31
Market Cap = 54.67
Weight Debt = Market Cap / (Market Cap + Debt) = 54.67 / (54.67 + 13.31) = 0.8042
Weight Cost Debt = 100% - 0.8042 = 0.1958
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 = -0.2027
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.2027 * 5.94 + 0 = 0.0155
WACC = (0.4807 / 13.31) * (100% - 0.8042) * (1 - 0.21) + 0.0155 + 0.8042 = 2.84
Terminal Value = Discount (1.18 * (1 + 0.0332) / (2.84 - 0.0332)) = 221.27
Company Value = ∑ (1.18 / (1 + 2.84) ^ 5) = 5.07
Price = (Terminal Value + Company Value) / Count shares = (221.27 + 5.07) / 256880000 = 881.12