OTC: UBSFY - Ubisoft Entertainment SA

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 = 1.07
CAGR EPS = 25.62%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.37 + (3.37 * 25.62% / 100) = 4.23

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 Ebitda(5) * (1 + Ebitda Yield) / (WACC - Ebitda Yield)
Company Value = ∑ (Discount Ebitda / (1 + WACC) ^ 5)
Discount Ebitda(5) = 1.92
Ebitda Yield = 0.1166
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 = 0.0748
Debt = 2.51
Market Cap = 3.7
Weight Debt = Market Cap / (Market Cap + Debt) = 3.7 / (3.7 + 2.51) = 0.5959
Weight Cost Debt = 100% - 0.5959 = 0.4041
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 = -3.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -3.1 * 5.94 + 0 = -0.154
WACC = (0.0748 / 2.51) * (100% - 0.5959) * (1 - 0.21) + -0.154 + 0.5959 = 2.25
Terminal Value = Discount (1.92 * (1 + 0.1166) / (2.25 - 0.1166)) = 20.37
Company Value = ∑ (1.92 / (1 + 2.25) ^ 5) = 7.25
Price = (Terminal Value + Company Value) / Count shares = (20.37 + 7.25) / 147350000 = 187.45

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) = -1.14
FCF Yield = 0.1959
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 = 0.0748
Debt = 2.51
Market Cap = 3.7
Weight Debt = Market Cap / (Market Cap + Debt) = 3.7 / (3.7 + 2.51) = 0.5959
Weight Cost Debt = 100% - 0.5959 = 0.4041
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 = -3.1
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 3 + -3.1 * 5.94 + 0 = -0.154
WACC = (0.0748 / 2.51) * (100% - 0.5959) * (1 - 0.21) + -0.154 + 0.5959 = 2.25
Terminal Value = Discount (-1.14 * (1 + 0.1959) / (2.25 - 0.1959)) = -7.03
Company Value = ∑ (-1.14 / (1 + 2.25) ^ 5) = -3.82
Price = (Terminal Value + Company Value) / Count shares = (-7.03 + -3.82) / 147350000 = -73.6