NASDAQ: JSM - Navient Corporation SR NT 6% 121543

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 = 1.85
CAGR EPS = 7.19%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 19.75 + (19.75 * 7.19% / 100) = 21.17

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 = 1.5
g = -1.53
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 = -0.8204
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.8204 * 5.94 + 0 = -0.0198
Price = (1.5 * (1 + -1.53)) / (-0.0198 - -1.53) = -0.5268

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) = 2.1E-5
Ebitda Yield = -1.23
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 = 3.56
Debt = 53.4
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 53.4) = 0
Weight Cost Debt = 100% - 0 = 1
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 = -0.8204
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.8204 * 5.94 + 0 = -0.0198
WACC = (3.56 / 53.4) * (100% - 0) * (1 - 0.21) + -0.0198 + 0 = 5.26
Terminal Value = Discount (2.1E-5 * (1 + -1.23) / (5.26 - -1.23)) = 0
Company Value = ∑ (2.1E-5 / (1 + 5.26) ^ 5) = 0.0059
Price = (Terminal Value + Company Value) / Count shares = (0 + 0.0059) / 123000000 = 0.0481

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) = 1.86
FCF Yield = 0.2238
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 = 3.56
Debt = 53.4
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 53.4) = 0
Weight Cost Debt = 100% - 0 = 1
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 = -0.8204
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.89 + -0.8204 * 5.94 + 0 = -0.0198
WACC = (3.56 / 53.4) * (100% - 0) * (1 - 0.21) + -0.0198 + 0 = 5.26
Terminal Value = Discount (1.86 * (1 + 0.2238) / (5.26 - 0.2238)) = 10.27
Company Value = ∑ (1.86 / (1 + 5.26) ^ 5) = 5.43
Price = (Terminal Value + Company Value) / Count shares = (10.27 + 5.43) / 123000000 = 127.64