NASDAQ: ON - ON Semiconductor 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 = 4.89
CAGR EPS = 57.15%
Key Rate = 0.0433
Excess Key Rate = 2
Price = 59.6 + (59.6 * 57.15% / 100) = 93.65

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) = 5.34
Ebitda Yield = 0.1604
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 = 0.0748
Debt = 3.34
Market Cap = 39.15
Weight Debt = Market Cap / (Market Cap + Debt) = 39.15 / (39.15 + 3.34) = 0.9214
Weight Cost Debt = 100% - 0.9214 = 0.0786
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 = 2.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.63 * 5.94 + 0 = 0.1845
WACC = (0.0748 / 3.34) * (100% - 0.9214) * (1 - 0.21) + 0.1845 + 0.9214 = 1.92
Terminal Value = Discount (5.34 * (1 + 0.1604) / (1.92 - 0.1604)) = 39.92
Company Value = ∑ (5.34 / (1 + 1.92) ^ 5) = 19.05
Price = (Terminal Value + Company Value) / Count shares = (39.92 + 19.05) / 446800000 = 131.97

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) = 1.94
FCF Yield = 0.3703
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 = 0.0748
Debt = 3.34
Market Cap = 39.15
Weight Debt = Market Cap / (Market Cap + Debt) = 39.15 / (39.15 + 3.34) = 0.9214
Weight Cost Debt = 100% - 0.9214 = 0.0786
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 = 2.63
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.82 + 2.63 * 5.94 + 0 = 0.1845
WACC = (0.0748 / 3.34) * (100% - 0.9214) * (1 - 0.21) + 0.1845 + 0.9214 = 1.92
Terminal Value = Discount (1.94 * (1 + 0.3703) / (1.92 - 0.3703)) = 6.89
Company Value = ∑ (1.94 / (1 + 1.92) ^ 5) = 5.32
Price = (Terminal Value + Company Value) / Count shares = (6.89 + 5.32) / 446800000 = 27.33