NASDAQ: CERN - Cerner

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 = 1.99
CAGR EPS = 1.04%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1.99 * (1 + 1.04%) / (0.0433 * 2) = 23.22

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) = 1.45
Ebitda Yield = 0
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
Debt = 1.61
Market Cap = 27.86
Weight Debt = Market Cap / (Market Cap + Debt) = 27.86 / (27.86 + 1.61) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 1.61) * (100% - 0.9454) * (1 - 0.21) + 0.0275 + 0.9454 = 0.026
Terminal Value = Discount (1.45 * (1 + 0) / (0.026 - 0)) = 5570.2
Company Value = ∑ (1.45 / (1 + 0.026) ^ 5) = 7.24
Price = (Terminal Value + Company Value) / Count shares = (5570.2 + 7.24) / 296340000 = 18821.1

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) = 1.67
FCF Yield = 0.0813
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
Debt = 1.61
Market Cap = 27.86
Weight Debt = Market Cap / (Market Cap + Debt) = 27.86 / (27.86 + 1.61) = 0.9454
Weight Cost Debt = 100% - 0.9454 = 0.0546
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) = 2.75
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.75 + 0 * 5.94 + 0 = 0.0275
WACC = (0 / 1.61) * (100% - 0.9454) * (1 - 0.21) + 0.0275 + 0.9454 = 0.026
Terminal Value = Discount (1.67 * (1 + 0.0813) / (0.026 - 0.0813)) = 22.26
Company Value = ∑ (1.67 / (1 + 0.026) ^ 5) = 7.18
Price = (Terminal Value + Company Value) / Count shares = (22.26 + 7.18) / 296340000 = 99.36