OTC: TIIAY - Telecom Italia S.p.A.

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 = -0.0678
CAGR EPS = -170.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0 + (0 * -170.12% / 100) = 0.5491

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) = 4.13
Ebitda Yield = -0.063
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 = 1.73
Debt = 27.05
Market Cap = 6.4
Weight Debt = Market Cap / (Market Cap + Debt) = 6.4 / (6.4 + 27.05) = 0.1913
Weight Cost Debt = 100% - 0.1913 = 0.8087
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 = 0.4546
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4546 * 5.94 + 0 = 0.0559
WACC = (1.73 / 27.05) * (100% - 0.1913) * (1 - 0.21) + 0.0559 + 0.1913 = 5.05
Terminal Value = Discount (4.13 * (1 + -0.063) / (5.05 - -0.063)) = 26.61
Company Value = ∑ (4.13 / (1 + 5.05) ^ 5) = 20.53
Price = (Terminal Value + Company Value) / Count shares = (26.61 + 20.53) / 21250380000 = 2.22

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
FCF Yield = -1.12
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 = 1.73
Debt = 27.05
Market Cap = 6.4
Weight Debt = Market Cap / (Market Cap + Debt) = 6.4 / (6.4 + 27.05) = 0.1913
Weight Cost Debt = 100% - 0.1913 = 0.8087
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 = 0.4546
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 0.4546 * 5.94 + 0 = 0.0559
WACC = (1.73 / 27.05) * (100% - 0.1913) * (1 - 0.21) + 0.0559 + 0.1913 = 5.05
Terminal Value = Discount (0 * (1 + -1.12) / (5.05 - -1.12)) = 0
Company Value = ∑ (0 / (1 + 5.05) ^ 5) = 0.0026
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0026) / 21250380000 = 0.000124