NASDAQ: MSFT - Microsoft Corporation

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 = 11.8
CAGR EPS = 15.42%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 11.8 * (1 + 15.42%) / (0.0433 * 2) = 157.28

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 = 3.99
g = 0.1958
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.05 * 5.94 + 0 = 0.0904
Price = (3.99 * (1 + 0.1958)) / (0.0904 - 0.1958) = 45.26

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) = 235.49
Ebitda Yield = 0.121
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 = 2.94
Debt = 97.85
Market Cap = 2350
Weight Debt = Market Cap / (Market Cap + Debt) = 2350 / (2350 + 97.85) = 0.96
Weight Cost Debt = 100% - 0.96 = 0.04
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.05 * 5.94 + 0 = 0.0904
WACC = (2.94 / 97.85) * (100% - 0.96) * (1 - 0.21) + 0.0904 + 0.96 = 2.43
Terminal Value = Discount (235.49 * (1 + 0.121) / (2.43 - 0.121)) = 2420.87
Company Value = ∑ (235.49 / (1 + 2.43) ^ 5) = 878.83
Price = (Terminal Value + Company Value) / Count shares = (2420.87 + 878.83) / 7469000000 = 441.79

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) = 110.33
FCF Yield = 0.0829
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 = 2.94
Debt = 97.85
Market Cap = 2350
Weight Debt = Market Cap / (Market Cap + Debt) = 2350 / (2350 + 97.85) = 0.96
Weight Cost Debt = 100% - 0.96 = 0.04
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 = 1.05
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 1.05 * 5.94 + 0 = 0.0904
WACC = (2.94 / 97.85) * (100% - 0.96) * (1 - 0.21) + 0.0904 + 0.96 = 2.43
Terminal Value = Discount (110.33 * (1 + 0.0829) / (2.43 - 0.0829)) = 1807.6
Company Value = ∑ (110.33 / (1 + 2.43) ^ 5) = 438.99
Price = (Terminal Value + Company Value) / Count shares = (1807.6 + 438.99) / 7469000000 = 300.79