OTC: SCVPF - The Siam Cement Public Company Limited

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 21.6
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.38 + (6.38 * 8.66% / 100) = 6.93

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 = 0.1669
g = 0.056
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 = -0.9575
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9575 * 5.94 + 0 = -0.0294
Price = (0.1669 * (1 + 0.056)) / (-0.0294 - 0.056) = 2.06

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) = 76.51
Ebitda Yield = 0.0117
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 = 10.3
Debt = 325.83
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 325.83) = 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) = 2.75
β = -0.9575
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9575 * 5.94 + 0 = -0.0294
WACC = (10.3 / 325.83) * (100% - 0) * (1 - 0.21) + -0.0294 + 0 = 2.5
Terminal Value = Discount (76.51 * (1 + 0.0117) / (2.5 - 0.0117)) = 5146.28
Company Value = ∑ (76.51 / (1 + 2.5) ^ 5) = 347.16
Price = (Terminal Value + Company Value) / Count shares = (5146.28 + 347.16) / 1199770000 = 4578.74

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) = 9.79
FCF Yield = -0.0054
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 = 10.3
Debt = 325.83
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 325.83) = 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) = 2.75
β = -0.9575
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.9575 * 5.94 + 0 = -0.0294
WACC = (10.3 / 325.83) * (100% - 0) * (1 - 0.21) + -0.0294 + 0 = 2.5
Terminal Value = Discount (9.79 * (1 + -0.0054) / (2.5 - -0.0054)) = 283.59
Company Value = ∑ (9.79 / (1 + 2.5) ^ 5) = 45.99
Price = (Terminal Value + Company Value) / Count shares = (283.59 + 45.99) / 1199770000 = 274.71