NASDAQ: CSCO - Cisco

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 = 2.54
CAGR EPS = -0.7645%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 2.54 * (1 + -0.7645%) / (0.0433 * 2) = 29.11

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 = 2.01
g = -0.0151
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 = -0.3485
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3485 * 5.94 + 0 = 0.0075
Price = (2.01 * (1 + -0.0151)) / (0.0075 - -0.0151) = 87.43

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) = 14.92
Ebitda Yield = -0.0107
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 = 1.01
Debt = 30.96
Market Cap = 224.29
Weight Debt = Market Cap / (Market Cap + Debt) = 224.29 / (224.29 + 30.96) = 0.8787
Weight Cost Debt = 100% - 0.8787 = 0.1213
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 = -0.3485
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3485 * 5.94 + 0 = 0.0075
WACC = (1.01 / 30.96) * (100% - 0.8787) * (1 - 0.21) + 0.0075 + 0.8787 = 2.55
Terminal Value = Discount (14.92 * (1 + -0.0107) / (2.55 - -0.0107)) = 359.89
Company Value = ∑ (14.92 / (1 + 2.55) ^ 5) = 70.78
Price = (Terminal Value + Company Value) / Count shares = (359.89 + 70.78) / 4062000000 = 106.02

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) = 7.66
FCF Yield = -0.0558
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 = 1.01
Debt = 30.96
Market Cap = 224.29
Weight Debt = Market Cap / (Market Cap + Debt) = 224.29 / (224.29 + 30.96) = 0.8787
Weight Cost Debt = 100% - 0.8787 = 0.1213
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 = -0.3485
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + -0.3485 * 5.94 + 0 = 0.0075
WACC = (1.01 / 30.96) * (100% - 0.8787) * (1 - 0.21) + 0.0075 + 0.8787 = 2.55
Terminal Value = Discount (7.66 * (1 + -0.0558) / (2.55 - -0.0558)) = 78.39
Company Value = ∑ (7.66 / (1 + 2.55) ^ 5) = 40.11
Price = (Terminal Value + Company Value) / Count shares = (78.39 + 40.11) / 4062000000 = 29.17