OTC: UUGWF - United Utilities Group 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 = 0.1857
CAGR EPS = -0.6587%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 0.1857 * (1 + -0.6587%) / (0.0433 * 2) = 2.13

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 = 0.6296
g = -0.0484
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 = -0.1227
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1227 * 5.94 + 0 = 0.0202
Price = (0.6296 * (1 + -0.0484)) / (0.0202 - -0.0484) = 8.73

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) = 0.7681
Ebitda Yield = -0.032
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 = 0.3798
Debt = 9.95
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 9.95) = 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 = -0.1227
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1227 * 5.94 + 0 = 0.0202
WACC = (0.3798 / 9.95) * (100% - 0) * (1 - 0.21) + 0.0202 + 0 = 3.02
Terminal Value = Discount (0.7681 * (1 + -0.032) / (3.02 - -0.032)) = 10.31
Company Value = ∑ (0.7681 / (1 + 3.02) ^ 5) = 3.76
Price = (Terminal Value + Company Value) / Count shares = (10.31 + 3.76) / 684100000 = 20.57

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) = 9.2E-5
FCF Yield = -1.34
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 = 0.3798
Debt = 9.95
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 9.95) = 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 = -0.1227
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + -0.1227 * 5.94 + 0 = 0.0202
WACC = (0.3798 / 9.95) * (100% - 0) * (1 - 0.21) + 0.0202 + 0 = 3.02
Terminal Value = Discount (9.2E-5 * (1 + -1.34) / (3.02 - -1.34)) = -2.0E-5
Company Value = ∑ (9.2E-5 / (1 + 3.02) ^ 5) = 0.0048
Price = (Terminal Value + Company Value) / Count shares = (-2.0E-5 + 0.0048) / 684100000 = 0.007