NASDAQ: REG - Regency Centers

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 = 2.07
CAGR EPS = 7.65%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 2.07 * (1 + 7.65%) / (0.0458 * 2) = 24.29

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 = 2.68
g = 0.0487
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 = 1.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.99 * 5.94 + 0 = 0.1443
Price = (2.68 * (1 + 0.0487)) / (0.1443 - 0.0487) = 29.4

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) = 0.9922
Ebitda Yield = 0.0259
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 = 0.1558
Debt = 4.15
Market Cap = 10.48
Weight Debt = Market Cap / (Market Cap + Debt) = 10.48 / (10.48 + 4.15) = 0.7161
Weight Cost Debt = 100% - 0.7161 = 0.2839
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 = 1.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.99 * 5.94 + 0 = 0.1443
WACC = (0.1558 / 4.15) * (100% - 0.7161) * (1 - 0.21) + 0.1443 + 0.7161 = 3.04
Terminal Value = Discount (0.9922 * (1 + 0.0259) / (3.04 - 0.0259)) = 194.43
Company Value = ∑ (0.9922 / (1 + 3.04) ^ 5) = 4.31
Price = (Terminal Value + Company Value) / Count shares = (194.43 + 4.31) / 176370000 = 1126.8

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) = 0.3535
FCF Yield = -0.0487
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 = 0.1558
Debt = 4.15
Market Cap = 10.48
Weight Debt = Market Cap / (Market Cap + Debt) = 10.48 / (10.48 + 4.15) = 0.7161
Weight Cost Debt = 100% - 0.7161 = 0.2839
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 = 1.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 1.99 * 5.94 + 0 = 0.1443
WACC = (0.1558 / 4.15) * (100% - 0.7161) * (1 - 0.21) + 0.1443 + 0.7161 = 3.04
Terminal Value = Discount (0.3535 * (1 + -0.0487) / (3.04 - -0.0487)) = 3.66
Company Value = ∑ (0.3535 / (1 + 3.04) ^ 5) = 1.8
Price = (Terminal Value + Company Value) / Count shares = (3.66 + 1.8) / 176370000 = 30.92