OTC: UNIRF - Unibail-Rodamco-Westfield SE

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 = 1.11
CAGR EPS = 15.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.39 + (3.39 * 15.15% / 100) = 3.9

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) = 4.45
Ebitda Yield = 0.0475
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 = 1.2
Debt = 28.84
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 28.84) = 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) = 2.82
β = -0.4679
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4679 * 5.94 + 0 = 0.000405
WACC = (1.2 / 28.84) * (100% - 0) * (1 - 0.21) + 0.000405 + 0 = 3.29
Terminal Value = Discount (4.45 * (1 + 0.0475) / (3.29 - 0.0475)) = 271.71
Company Value = ∑ (4.45 / (1 + 3.29) ^ 5) = 18.41
Price = (Terminal Value + Company Value) / Count shares = (271.71 + 18.41) / 142630000 = 2034.09

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) = 0.6981
FCF Yield = -0.0611
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 = 1.2
Debt = 28.84
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 28.84) = 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) = 2.82
β = -0.4679
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.4679 * 5.94 + 0 = 0.000405
WACC = (1.2 / 28.84) * (100% - 0) * (1 - 0.21) + 0.000405 + 0 = 3.29
Terminal Value = Discount (0.6981 * (1 + -0.0611) / (3.29 - -0.0611)) = 5.94
Company Value = ∑ (0.6981 / (1 + 3.29) ^ 5) = 3.63
Price = (Terminal Value + Company Value) / Count shares = (5.94 + 3.63) / 142630000 = 67.03