NASDAQ: AMGN - Amgen

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 = 12.49
CAGR EPS = -0.6208%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 12.49 * (1 + -0.6208%) / (0.0433 * 2) = 143.28

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 = 9.13
g = -0.0398
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 = 0.3353
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3353 * 5.94 + 0 = 0.0481
Price = (9.13 * (1 + -0.0398)) / (0.0481 - -0.0398) = 99.7

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) = 6.33
Ebitda Yield = -0.0433
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 = 2.88
Debt = 64.61
Market Cap = 140.05
Weight Debt = Market Cap / (Market Cap + Debt) = 140.05 / (140.05 + 64.61) = 0.6843
Weight Cost Debt = 100% - 0.6843 = 0.3157
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 = 0.3353
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3353 * 5.94 + 0 = 0.0481
WACC = (2.88 / 64.61) * (100% - 0.6843) * (1 - 0.21) + 0.0481 + 0.6843 = 3.52
Terminal Value = Discount (6.33 * (1 + -0.0433) / (3.52 - -0.0433)) = 64.84
Company Value = ∑ (6.33 / (1 + 3.52) ^ 5) = 31.36
Price = (Terminal Value + Company Value) / Count shares = (64.84 + 31.36) / 538000000 = 178.81

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) = 6.54
FCF Yield = -0.0233
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 = 2.88
Debt = 64.61
Market Cap = 140.05
Weight Debt = Market Cap / (Market Cap + Debt) = 140.05 / (140.05 + 64.61) = 0.6843
Weight Cost Debt = 100% - 0.6843 = 0.3157
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 = 0.3353
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3353 * 5.94 + 0 = 0.0481
WACC = (2.88 / 64.61) * (100% - 0.6843) * (1 - 0.21) + 0.0481 + 0.6843 = 3.52
Terminal Value = Discount (6.54 * (1 + -0.0233) / (3.52 - -0.0233)) = 91.82
Company Value = ∑ (6.54 / (1 + 3.52) ^ 5) = 31.01
Price = (Terminal Value + Company Value) / Count shares = (91.82 + 31.01) / 538000000 = 228.29