OTC: VDMCY - Vodacom Group 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 = 8.27
CAGR EPS = 69.08%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 5.79 + (5.79 * 69.08% / 100) = 9.79

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 = 0.3192
g = 5.68
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) = 2.6
β = 2.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.34 * 5.94 + 0 = 0.165
Price = (0.3192 * (1 + 5.68)) / (0.165 - 5.68) = 0.3866

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) = 881.51
Ebitda Yield = 0.7095
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 = 8.16
Debt = 73.48
Market Cap = 11.14
Weight Debt = Market Cap / (Market Cap + Debt) = 11.14 / (11.14 + 73.48) = 0.1317
Weight Cost Debt = 100% - 0.1317 = 0.8683
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) = 2.6
β = 2.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.34 * 5.94 + 0 = 0.165
WACC = (8.16 / 73.48) * (100% - 0.1317) * (1 - 0.21) + 0.165 + 0.1317 = 8.79
Terminal Value = Discount (881.51 * (1 + 0.7095) / (8.79 - 0.7095)) = 1591.11
Company Value = ∑ (881.51 / (1 + 8.79) ^ 5) = 1425.04
Price = (Terminal Value + Company Value) / Count shares = (1591.11 + 1425.04) / 1819660000 = 1657.54

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) = 35.17
FCF Yield = 0.0567
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 = 8.16
Debt = 73.48
Market Cap = 11.14
Weight Debt = Market Cap / (Market Cap + Debt) = 11.14 / (11.14 + 73.48) = 0.1317
Weight Cost Debt = 100% - 0.1317 = 0.8683
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) = 2.6
β = 2.34
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 2.34 * 5.94 + 0 = 0.165
WACC = (8.16 / 73.48) * (100% - 0.1317) * (1 - 0.21) + 0.165 + 0.1317 = 8.79
Terminal Value = Discount (35.17 * (1 + 0.0567) / (8.79 - 0.0567)) = 783.78
Company Value = ∑ (35.17 / (1 + 8.79) ^ 5) = 122.41
Price = (Terminal Value + Company Value) / Count shares = (783.78 + 122.41) / 1819660000 = 498