NASDAQ: SBUX - Starbucks

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 = 3.58
CAGR EPS = 4.17%
Key Rate = 0.0458
Excess Key Rate = 2
Price = 3.58 * (1 + 4.17%) / (0.0458 * 2) = 40.74

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 = 2.89
g = 0.1669
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 = 4.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.99 * 5.94 + 0 = 0.3222
Price = (2.89 * (1 + 0.1669)) / (0.3222 - 0.1669) = 21.71

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) = 8.9
Ebitda Yield = 0.0396
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 = 0.5501
Debt = 16.68
Market Cap = 111.37
Weight Debt = Market Cap / (Market Cap + Debt) = 111.37 / (111.37 + 16.68) = 0.8698
Weight Cost Debt = 100% - 0.8698 = 0.1302
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 = 4.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.99 * 5.94 + 0 = 0.3222
WACC = (0.5501 / 16.68) * (100% - 0.8698) * (1 - 0.21) + 0.3222 + 0.8698 = 2.86
Terminal Value = Discount (8.9 * (1 + 0.0396) / (2.86 - 0.0396)) = 734.82
Company Value = ∑ (8.9 / (1 + 2.86) ^ 5) = 37.85
Price = (Terminal Value + Company Value) / Count shares = (734.82 + 37.85) / 1151300000 = 671.13

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) = 4.07
FCF Yield = 0.0204
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 = 0.5501
Debt = 16.68
Market Cap = 111.37
Weight Debt = Market Cap / (Market Cap + Debt) = 111.37 / (111.37 + 16.68) = 0.8698
Weight Cost Debt = 100% - 0.8698 = 0.1302
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 = 4.99
Risk Premium = 5.94
Country Premium = 0
Cost Of Equity = 2.6 + 4.99 * 5.94 + 0 = 0.3222
WACC = (0.5501 / 16.68) * (100% - 0.8698) * (1 - 0.21) + 0.3222 + 0.8698 = 2.86
Terminal Value = Discount (4.07 * (1 + 0.0204) / (2.86 - 0.0204)) = 438.27
Company Value = ∑ (4.07 / (1 + 2.86) ^ 5) = 17.94
Price = (Terminal Value + Company Value) / Count shares = (438.27 + 17.94) / 1151300000 = 396.25