NASDAQ: AAPL - Apple

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 = 6.08
CAGR EPS = 13.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 6.08 * (1 + 13.15%) / (0.0433 * 2) = 79.49

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 = 1
g = 0.1686
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) = 2.82
β = 0.3131
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3131 * 5.94 + 0 = 0.0468
Price = (1 * (1 + 0.1686)) / (0.0468 - 0.1686) = 9.59

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) = 210.86
Ebitda Yield = 0.0938
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 = 3.93
Debt = 106.63
Market Cap = 2730
Weight Debt = Market Cap / (Market Cap + Debt) = 2730 / (2730 + 106.63) = 0.9624
Weight Cost Debt = 100% - 0.9624 = 0.0376
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) = 2.82
β = 0.3131
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3131 * 5.94 + 0 = 0.0468
WACC = (3.93 / 106.63) * (100% - 0.9624) * (1 - 0.21) + 0.0468 + 0.9624 = 2.93
Terminal Value = Discount (210.86 * (1 + 0.0938) / (2.93 - 0.0938)) = 3093.77
Company Value = ∑ (210.86 / (1 + 2.93) ^ 5) = 811.03
Price = (Terminal Value + Company Value) / Count shares = (3093.77 + 811.03) / 15408100000 = 253.42

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) = 149.5
FCF Yield = 0.0656
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 = 3.93
Debt = 106.63
Market Cap = 2730
Weight Debt = Market Cap / (Market Cap + Debt) = 2730 / (2730 + 106.63) = 0.9624
Weight Cost Debt = 100% - 0.9624 = 0.0376
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) = 2.82
β = 0.3131
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3131 * 5.94 + 0 = 0.0468
WACC = (3.93 / 106.63) * (100% - 0.9624) * (1 - 0.21) + 0.0468 + 0.9624 = 2.93
Terminal Value = Discount (149.5 * (1 + 0.0656) / (2.93 - 0.0656)) = 3799.15
Company Value = ∑ (149.5 / (1 + 2.93) ^ 5) = 604.36
Price = (Terminal Value + Company Value) / Count shares = (3799.15 + 604.36) / 15408100000 = 285.79