NASDAQ: FISV - Fiserv

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 = 3.9
CAGR EPS = 17.56%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 3.9 * (1 + 17.56%) / (0.0433 * 2) = 52.94

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) = 13.15
Ebitda Yield = 0.1354
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 = 0.733
Debt = 21.42
Market Cap = 74.41
Weight Debt = Market Cap / (Market Cap + Debt) = 74.41 / (74.41 + 21.42) = 0.7765
Weight Cost Debt = 100% - 0.7765 = 0.2235
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) = 2.89
β = 4.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.9 * 5.94 + 0 = 0.3199
WACC = (0.733 / 21.42) * (100% - 0.7765) * (1 - 0.21) + 0.3199 + 0.7765 = 2.93
Terminal Value = Discount (13.15 * (1 + 0.1354) / (2.93 - 0.1354)) = 121.84
Company Value = ∑ (13.15 / (1 + 2.93) ^ 5) = 47.22
Price = (Terminal Value + Company Value) / Count shares = (121.84 + 47.22) / 647900000 = 260.94

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) = 5.21
FCF Yield = 0.0861
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 = 0.733
Debt = 21.42
Market Cap = 74.41
Weight Debt = Market Cap / (Market Cap + Debt) = 74.41 / (74.41 + 21.42) = 0.7765
Weight Cost Debt = 100% - 0.7765 = 0.2235
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) = 2.89
β = 4.9
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + 4.9 * 5.94 + 0 = 0.3199
WACC = (0.733 / 21.42) * (100% - 0.7765) * (1 - 0.21) + 0.3199 + 0.7765 = 2.93
Terminal Value = Discount (5.21 * (1 + 0.0861) / (2.93 - 0.0861)) = 86.35
Company Value = ∑ (5.21 / (1 + 2.93) ^ 5) = 20.32
Price = (Terminal Value + Company Value) / Count shares = (86.35 + 20.32) / 647900000 = 164.64