OTC: QABSY - Qantas Airways Limited

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 = 0.7515
CAGR EPS = 21.49%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.7515 * (1 + 21.49%) / (0.0433 * 2) = 10.54

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) = 7.82
Ebitda Yield = 0.1495
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 = 0.241
Debt = 6.59
Market Cap = 6.98
Weight Debt = Market Cap / (Market Cap + Debt) = 6.98 / (6.98 + 6.59) = 0.5143
Weight Cost Debt = 100% - 0.5143 = 0.4857
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 = 4.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.05 * 5.94 + 0 = 0.2705
WACC = (0.241 / 6.59) * (100% - 0.5143) * (1 - 0.21) + 0.2705 + 0.5143 = 3.01
Terminal Value = Discount (7.82 * (1 + 0.1495) / (3.01 - 0.1495)) = 64.94
Company Value = ∑ (7.82 / (1 + 3.01) ^ 5) = 27.41
Price = (Terminal Value + Company Value) / Count shares = (64.94 + 27.41) / 1670000000 = 55.3

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) = 1.4
FCF Yield = 0.1562
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 = 0.241
Debt = 6.59
Market Cap = 6.98
Weight Debt = Market Cap / (Market Cap + Debt) = 6.98 / (6.98 + 6.59) = 0.5143
Weight Cost Debt = 100% - 0.5143 = 0.4857
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 = 4.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + 4.05 * 5.94 + 0 = 0.2705
WACC = (0.241 / 6.59) * (100% - 0.5143) * (1 - 0.21) + 0.2705 + 0.5143 = 3.01
Terminal Value = Discount (1.4 * (1 + 0.1562) / (3.01 - 0.1562)) = 11.11
Company Value = ∑ (1.4 / (1 + 3.01) ^ 5) = 4.87
Price = (Terminal Value + Company Value) / Count shares = (11.11 + 4.87) / 1670000000 = 9.57