NASDAQ: PBCT - People's United Financial

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 = 1.42
CAGR EPS = 1.32%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 1.42 * (1 + 1.32%) / (0.0458 * 2) = 15.71

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) = 0.9098
Ebitda Yield = -0.0043
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 = 0.1022
Debt = 1.56
Market Cap = 8.37
Weight Debt = Market Cap / (Market Cap + Debt) = 8.37 / (8.37 + 1.56) = 0.8428
Weight Cost Debt = 100% - 0.8428 = 0.1572
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.1022 / 1.56) * (100% - 0.8428) * (1 - 0.21) + 0.026 + 0.8428 = 5.15
Terminal Value = Discount (0.9098 * (1 + -0.0043) / (5.15 - -0.0043)) = 12.63
Company Value = ∑ (0.9098 / (1 + 5.15) ^ 5) = 3.96
Price = (Terminal Value + Company Value) / Count shares = (12.63 + 3.96) / 425450000 = 38.98

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) = 0.4378
FCF Yield = -0.012
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 = 0.1022
Debt = 1.56
Market Cap = 8.37
Weight Debt = Market Cap / (Market Cap + Debt) = 8.37 / (8.37 + 1.56) = 0.8428
Weight Cost Debt = 100% - 0.8428 = 0.1572
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) = 2.6
β = 0
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 0 * 5.94 + 0 = 0.026
WACC = (0.1022 / 1.56) * (100% - 0.8428) * (1 - 0.21) + 0.026 + 0.8428 = 5.15
Terminal Value = Discount (0.4378 * (1 + -0.012) / (5.15 - -0.012)) = 5.3
Company Value = ∑ (0.4378 / (1 + 5.15) ^ 5) = 1.94
Price = (Terminal Value + Company Value) / Count shares = (5.3 + 1.94) / 425450000 = 17