NASDAQ: KELYA - Kelly Services, Inc.

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 = 1
CAGR EPS = -18.97%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 1 * (1 + -18.97%) / (0.0433 * 2) = 9.38

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 = 0.3
g = -2.04
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 = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.14 * 5.94 + 0 = 0.155
Price = (0.3 * (1 + -2.04)) / (0.155 - -2.04) = -0.1419

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) = 0.0486
Ebitda Yield = -0.0907
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 = 0.0032
Debt = 0.0513
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0513) = 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) = 2.82
β = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.14 * 5.94 + 0 = 0.155
WACC = (0.0032 / 0.0513) * (100% - 0) * (1 - 0.21) + 0.155 + 0 = 4.93
Terminal Value = Discount (0.0486 * (1 + -0.0907) / (4.93 - -0.0907)) = 0.2484
Company Value = ∑ (0.0486 / (1 + 4.93) ^ 5) = 0.2597
Price = (Terminal Value + Company Value) / Count shares = (0.2484 + 0.2597) / 36300000 = 14

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) = 0.0487
FCF Yield = -0.0453
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 = 0.0032
Debt = 0.0513
Market Cap = 0
Weight Debt = Market Cap / (Market Cap + Debt) = 0 / (0 + 0.0513) = 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) = 2.82
β = 2.14
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.14 * 5.94 + 0 = 0.155
WACC = (0.0032 / 0.0513) * (100% - 0) * (1 - 0.21) + 0.155 + 0 = 4.93
Terminal Value = Discount (0.0487 * (1 + -0.0453) / (4.93 - -0.0453)) = 0.3862
Company Value = ∑ (0.0487 / (1 + 4.93) ^ 5) = 0.2333
Price = (Terminal Value + Company Value) / Count shares = (0.3862 + 0.2333) / 36300000 = 17.07