OTC: ZLNDY - Zalando SE

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 = 0.3169
CAGR EPS = 33.69%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 0.3169 * (1 + 33.69%) / (0.0458 * 2) = 4.63

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) = 0.7489
Ebitda Yield = 0.0644
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 = 0.0829
Debt = 1.07
Market Cap = 7.45
Weight Debt = Market Cap / (Market Cap + Debt) = 7.45 / (7.45 + 1.07) = 0.8742
Weight Cost Debt = 100% - 0.8742 = 0.1258
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 = 1.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.39 * 5.94 + 0 = 0.1088
WACC = (0.0829 / 1.07) * (100% - 0.8742) * (1 - 0.21) + 0.1088 + 0.8742 = 6.15
Terminal Value = Discount (0.7489 * (1 + 0.0644) / (6.15 - 0.0644)) = 209.54
Company Value = ∑ (0.7489 / (1 + 6.15) ^ 5) = 2.76
Price = (Terminal Value + Company Value) / Count shares = (209.54 + 2.76) / 261900000 = 810.64

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) = 13.38
FCF Yield = 0.8114
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 = 0.0829
Debt = 1.07
Market Cap = 7.45
Weight Debt = Market Cap / (Market Cap + Debt) = 7.45 / (7.45 + 1.07) = 0.8742
Weight Cost Debt = 100% - 0.8742 = 0.1258
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 = 1.39
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.39 * 5.94 + 0 = 0.1088
WACC = (0.0829 / 1.07) * (100% - 0.8742) * (1 - 0.21) + 0.1088 + 0.8742 = 6.15
Terminal Value = Discount (13.38 * (1 + 0.8114) / (6.15 - 0.8114)) = 23.98
Company Value = ∑ (13.38 / (1 + 6.15) ^ 5) = 22.33
Price = (Terminal Value + Company Value) / Count shares = (23.98 + 22.33) / 261900000 = 176.83