NASDAQ: CINF - Cincinnati

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 = 11.66
CAGR EPS = -0.7429%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.66 * (1 + -0.7429%) / (0.0433 * 2) = 133.61

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 = 4.11
g = -1.4
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 = 0.3747
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3747 * 5.94 + 0 = 0.0505
Price = (4.11 * (1 + -1.4)) / (0.0505 - -1.4) = -1.13

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) = 2.05
Ebitda Yield = -0.021
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 = 0.053
Debt = 0.815
Market Cap = 16.29
Weight Debt = Market Cap / (Market Cap + Debt) = 16.29 / (16.29 + 0.815) = 0.9524
Weight Cost Debt = 100% - 0.9524 = 0.0476
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 = 0.3747
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3747 * 5.94 + 0 = 0.0505
WACC = (0.053 / 0.815) * (100% - 0.9524) * (1 - 0.21) + 0.0505 + 0.9524 = 5.14
Terminal Value = Discount (2.05 * (1 + -0.021) / (5.14 - -0.021)) = 21.55
Company Value = ∑ (2.05 / (1 + 5.14) ^ 5) = 9.23
Price = (Terminal Value + Company Value) / Count shares = (21.55 + 9.23) / 158100000 = 194.72

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) = 3.16
FCF Yield = 0.092
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 = 0.053
Debt = 0.815
Market Cap = 16.29
Weight Debt = Market Cap / (Market Cap + Debt) = 16.29 / (16.29 + 0.815) = 0.9524
Weight Cost Debt = 100% - 0.9524 = 0.0476
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 = 0.3747
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 0.3747 * 5.94 + 0 = 0.0505
WACC = (0.053 / 0.815) * (100% - 0.9524) * (1 - 0.21) + 0.0505 + 0.9524 = 5.14
Terminal Value = Discount (3.16 * (1 + 0.092) / (5.14 - 0.092)) = 66.02
Company Value = ∑ (3.16 / (1 + 5.14) ^ 5) = 11.41
Price = (Terminal Value + Company Value) / Count shares = (66.02 + 11.41) / 158100000 = 489.8