NASDAQ: AVGO - Broadcom

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 = 1.23
CAGR EPS = -29.35%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.23 * (1 + -29.35%) / (0.0433 * 2) = 10.07

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 = 2.76
g = 0.2072
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 = -0.9086
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9086 * 5.94 + 0 = -0.0258
Price = (2.76 * (1 + 0.2072)) / (-0.0258 - 0.2072) = 14.3

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) = 43.24
Ebitda Yield = 0.1276
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 = 3.8
Debt = 67.57
Market Cap = 340.81
Weight Debt = Market Cap / (Market Cap + Debt) = 340.81 / (340.81 + 67.57) = 0.8345
Weight Cost Debt = 100% - 0.8345 = 0.1655
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 = -0.9086
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9086 * 5.94 + 0 = -0.0258
WACC = (3.8 / 67.57) * (100% - 0.8345) * (1 - 0.21) + -0.0258 + 0.8345 = 4.38
Terminal Value = Discount (43.24 * (1 + 0.1276) / (4.38 - 0.1276)) = 469.68
Company Value = ∑ (43.24 / (1 + 4.38) ^ 5) = 150.42
Price = (Terminal Value + Company Value) / Count shares = (469.68 + 150.42) / 4778000000 = 129.78

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) = 29.43
FCF Yield = 0.0868
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 = 3.8
Debt = 67.57
Market Cap = 340.81
Weight Debt = Market Cap / (Market Cap + Debt) = 340.81 / (340.81 + 67.57) = 0.8345
Weight Cost Debt = 100% - 0.8345 = 0.1655
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 = -0.9086
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.9086 * 5.94 + 0 = -0.0258
WACC = (3.8 / 67.57) * (100% - 0.8345) * (1 - 0.21) + -0.0258 + 0.8345 = 4.38
Terminal Value = Discount (29.43 * (1 + 0.0868) / (4.38 - 0.0868)) = 600.5
Company Value = ∑ (29.43 / (1 + 4.38) ^ 5) = 109.74
Price = (Terminal Value + Company Value) / Count shares = (600.5 + 109.74) / 4778000000 = 148.65