NASDAQ: APA - Apache

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 9.24
CAGR EPS = 24.12%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 27.26 + (27.26 * 24.12% / 100) = 33.83

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 = 1.25
g = 4.13
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 = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9522 * 5.94 + 0 = 0.0848
Price = (1.25 * (1 + 4.13)) / (0.0848 - 4.13) = 1.58

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) = 36.77
Ebitda Yield = 0.5058
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 = 0.327
Debt = 5.3
Market Cap = 13.59
Weight Debt = Market Cap / (Market Cap + Debt) = 13.59 / (13.59 + 5.3) = 0.7193
Weight Cost Debt = 100% - 0.7193 = 0.2807
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 = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9522 * 5.94 + 0 = 0.0848
WACC = (0.327 / 5.3) * (100% - 0.7193) * (1 - 0.21) + 0.0848 + 0.7193 = 4.9
Terminal Value = Discount (36.77 * (1 + 0.5058) / (4.9 - 0.5058)) = 95.44
Company Value = ∑ (36.77 / (1 + 4.9) ^ 5) = 79.78
Price = (Terminal Value + Company Value) / Count shares = (95.44 + 79.78) / 309000000 = 567.05

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) = 5.36
FCF Yield = 0.4733
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 = 0.327
Debt = 5.3
Market Cap = 13.59
Weight Debt = Market Cap / (Market Cap + Debt) = 13.59 / (13.59 + 5.3) = 0.7193
Weight Cost Debt = 100% - 0.7193 = 0.2807
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 = 0.9522
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.9522 * 5.94 + 0 = 0.0848
WACC = (0.327 / 5.3) * (100% - 0.7193) * (1 - 0.21) + 0.0848 + 0.7193 = 4.9
Terminal Value = Discount (5.36 * (1 + 0.4733) / (4.9 - 0.4733)) = 14.65
Company Value = ∑ (5.36 / (1 + 4.9) ^ 5) = 11.97
Price = (Terminal Value + Company Value) / Count shares = (14.65 + 11.97) / 309000000 = 86.14