Price = EPS * (1 + CAGR EPS) / (Key Rate * Excess Key Rate)
EPS = Earning Per Share
CAGR EPS = CAGR 5 EPS
Key Rate — Key rate
Excess Key Rate — Desired excess of the key rate
EPS = 1
CAGR EPS = 4.96%
Key Rate = 0.0389
Excess Key Rate = 2
Price = 1 * (1 + 4.96%) / (0.0389 * 2) = 13.49