OTC: RLXXF - RELX 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 = 0.936
CAGR EPS = 0.7068%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.936 * (1 + 0.7068%) / (0.0433 * 2) = 10.88

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 = 0.9899
g = 0.0508
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) = 2.89
β = 0.5263
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5263 * 5.94 + 0 = 0.0602
Price = (0.9899 * (1 + 0.0508)) / (0.0602 - 0.0508) = 110.93

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 3.8
Ebitda Yield = 0.0277
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 = 0.323
Debt = 6.41
Market Cap = 59.84
Weight Debt = Market Cap / (Market Cap + Debt) = 59.84 / (59.84 + 6.41) = 0.9032
Weight Cost Debt = 100% - 0.9032 = 0.0968
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) = 2.89
β = 0.5263
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5263 * 5.94 + 0 = 0.0602
WACC = (0.323 / 6.41) * (100% - 0.9032) * (1 - 0.21) + 0.0602 + 0.9032 = 4
Terminal Value = Discount (3.8 * (1 + 0.0277) / (4 - 0.0277)) = 262.25
Company Value = ∑ (3.8 / (1 + 4) ^ 5) = 15.98
Price = (Terminal Value + Company Value) / Count shares = (262.25 + 15.98) / 1902800000 = 146.23

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) = 2.23
FCF Yield = 0.0239
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 = 0.323
Debt = 6.41
Market Cap = 59.84
Weight Debt = Market Cap / (Market Cap + Debt) = 59.84 / (59.84 + 6.41) = 0.9032
Weight Cost Debt = 100% - 0.9032 = 0.0968
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) = 2.89
β = 0.5263
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.5263 * 5.94 + 0 = 0.0602
WACC = (0.323 / 6.41) * (100% - 0.9032) * (1 - 0.21) + 0.0602 + 0.9032 = 4
Terminal Value = Discount (2.23 * (1 + 0.0239) / (4 - 0.0239)) = 116.68
Company Value = ∑ (2.23 / (1 + 4) ^ 5) = 9.45
Price = (Terminal Value + Company Value) / Count shares = (116.68 + 9.45) / 1902800000 = 66.29