NASDAQ: AMAT - Applied Materials

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 = 8.61
CAGR EPS = 17.03%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 8.61 * (1 + 17.03%) / (0.0433 * 2) = 116.29

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 = 2.06
g = 0.171
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 = 2.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.64 * 5.94 + 0 = 0.1851
Price = (2.06 * (1 + 0.171)) / (0.1851 - 0.171) = 171.31

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) = 12.85
Ebitda Yield = 0.0925
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 = 0.247
Debt = 6.26
Market Cap = 119.8
Weight Debt = Market Cap / (Market Cap + Debt) = 119.8 / (119.8 + 6.26) = 0.9503
Weight Cost Debt = 100% - 0.9503 = 0.0497
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 = 2.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.64 * 5.94 + 0 = 0.1851
WACC = (0.247 / 6.26) * (100% - 0.9503) * (1 - 0.21) + 0.1851 + 0.9503 = 3.26
Terminal Value = Discount (12.85 * (1 + 0.0925) / (3.26 - 0.0925)) = 199.87
Company Value = ∑ (12.85 / (1 + 3.26) ^ 5) = 49.05
Price = (Terminal Value + Company Value) / Count shares = (199.87 + 49.05) / 834000000 = 298.47

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) = 14.28
FCF Yield = 0.1379
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 = 0.247
Debt = 6.26
Market Cap = 119.8
Weight Debt = Market Cap / (Market Cap + Debt) = 119.8 / (119.8 + 6.26) = 0.9503
Weight Cost Debt = 100% - 0.9503 = 0.0497
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 = 2.64
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.64 * 5.94 + 0 = 0.1851
WACC = (0.247 / 6.26) * (100% - 0.9503) * (1 - 0.21) + 0.1851 + 0.9503 = 3.26
Terminal Value = Discount (14.28 * (1 + 0.1379) / (3.26 - 0.1379)) = 131.48
Company Value = ∑ (14.28 / (1 + 3.26) ^ 5) = 50.57
Price = (Terminal Value + Company Value) / Count shares = (131.48 + 50.57) / 834000000 = 218.29