NASDAQ: FULT - Fulton Financial Corporation

Price = Avg Price + (Avg Price * CAGR EPS% / 100)
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 = 1.7
CAGR EPS = 4.22%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 16.66 + (16.66 * 4.22% / 100) = 17.36

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 = 0.69
g = -0.0141
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.162
Price = (0.69 * (1 + -0.0141)) / (0.162 - -0.0141) = 3.86

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) = 0.3351
Ebitda Yield = -0.0257
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 = 0.1267
Debt = 2.68
Market Cap = 2.29
Weight Debt = Market Cap / (Market Cap + Debt) = 2.29 / (2.29 + 2.68) = 0.4611
Weight Cost Debt = 100% - 0.4611 = 0.5389
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.162
WACC = (0.1267 / 2.68) * (100% - 0.4611) * (1 - 0.21) + 0.162 + 0.4611 = 3.8
Terminal Value = Discount (0.3351 * (1 + -0.0257) / (3.8 - -0.0257)) = 4.25
Company Value = ∑ (0.3351 / (1 + 3.8) ^ 5) = 1.58
Price = (Terminal Value + Company Value) / Count shares = (4.25 + 1.58) / 166770000 = 35.02

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) = 0.9232
FCF Yield = 0.2284
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 = 0.1267
Debt = 2.68
Market Cap = 2.29
Weight Debt = Market Cap / (Market Cap + Debt) = 2.29 / (2.29 + 2.68) = 0.4611
Weight Cost Debt = 100% - 0.4611 = 0.5389
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 = 2.25
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.25 * 5.94 + 0 = 0.162
WACC = (0.1267 / 2.68) * (100% - 0.4611) * (1 - 0.21) + 0.162 + 0.4611 = 3.8
Terminal Value = Discount (0.9232 * (1 + 0.2284) / (3.8 - 0.2284)) = 4.94
Company Value = ∑ (0.9232 / (1 + 3.8) ^ 5) = 2.81
Price = (Terminal Value + Company Value) / Count shares = (4.94 + 2.81) / 166770000 = 46.51