OTC: VLVOF - Volvo Car AB (publ.)

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 = 0.5202
CAGR EPS = 8.66%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.97 + (2.97 * 8.66% / 100) = 3.23

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) = 1.55
Ebitda Yield = -0.1991
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 = 0.1171
Debt = 3.75
Market Cap = 11.61
Weight Debt = Market Cap / (Market Cap + Debt) = 11.61 / (11.61 + 3.75) = 0.7559
Weight Cost Debt = 100% - 0.7559 = 0.2441
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) = 2.39
β = 2.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.7 * 5.94 + 0 = 0.1842
WACC = (0.1171 / 3.75) * (100% - 0.7559) * (1 - 0.21) + 0.1842 + 0.7559 = 2.59
Terminal Value = Discount (1.55 * (1 + -0.1991) / (2.59 - -0.1991)) = 4.84
Company Value = ∑ (1.55 / (1 + 2.59) ^ 5) = 11.85
Price = (Terminal Value + Company Value) / Count shares = (4.84 + 11.85) / 2978180000 = 5.61

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) = 0.0136
FCF Yield = -0.4349
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 = 0.1171
Debt = 3.75
Market Cap = 11.61
Weight Debt = Market Cap / (Market Cap + Debt) = 11.61 / (11.61 + 3.75) = 0.7559
Weight Cost Debt = 100% - 0.7559 = 0.2441
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) = 2.39
β = 2.7
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.39 + 2.7 * 5.94 + 0 = 0.1842
WACC = (0.1171 / 3.75) * (100% - 0.7559) * (1 - 0.21) + 0.1842 + 0.7559 = 2.59
Terminal Value = Discount (0.0136 * (1 + -0.4349) / (2.59 - -0.4349)) = 0.0146
Company Value = ∑ (0.0136 / (1 + 2.59) ^ 5) = 0.2739
Price = (Terminal Value + Company Value) / Count shares = (0.0146 + 0.2739) / 2978180000 = 0.0969